CANO - Why Is Ra Medical (RMED) Stock Up 25% Today?
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Ra Medical (NYSEMKT:RMED) stock is rocketing higher on Tuesday after the medical device company raised $7.6 million.
This comes from an at-the-market (ATM) facility that saw the company sell 1,072,246 shares of RMED stock. These shares were sold for an average price of $7.09 per share, which nets it $7.4 million following sales commissions.
Ra Medical notes that this sale of shares now has its total outstanding units sitting at 2,161,429. The company also clarifies that the at-the-market offering was adjusted for a reverse stock split that went into effect on Sept. 30.
What’s Behind the ATM Facility?
Ra Medical is planning to merge with Catheter Precision. However, first it has to meet certain requirements. Part of that required it to hold the ATM facility to meet net cash merger condition, as well as increase liquidity.
Will McGuire, CEO of Ra Medical, said the following about the ongoing merger plans.
“Assuming the merger proposal passes in the anticipated timeframe and the other conditions under the merger agreement are satisfied, we continue to expect the transaction will be completed by the end of 2022.”
Today’s news brings with it heavy trading of RMED stock. As of this writing, more than 10 million shares had changed hands. To put that in perspective, the company’s daily average trading volume is only about 412,000 shares.
RMED stock is up 25.2% as of Tuesday morning.
There’s plenty more stock market news traders will want to know about below!
We’ve got all the hottest market stories moving stocks on Tuesday! A few examples include what has shares of AVEO Oncology (NASDAQ:AVEO), Cano (NYSE:CANO), and FuboTV (NASDAQ:FUBO) stock on the move today. You can catch up on all of that news at the following links!
More Tuesday Stock Market News
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- FuboTV (FUBO) Stock Is Heating Up on 2 Huge Catalysts
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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