OTRK - Why Ontrak Stock Jumped Today
Shares of Ontrak (NASDAQ: OTRK) have jumped today, up by 15% as of noon EDT, after the company announced a stock offering. The healthcare specialist is selling non-convertible perpetual preferred stock to public investors.
Ontrak is kicking off a public offering of the Series A Cumulative Perpetual Preferred Stock, which will have a liquidation preference of $25 per share. The company, which utilizes artificial intelligence (AI) to help provide telehealth services to patients, has not yet specified how much money it is looking to raise from the deal, but underwriters will have an option to purchase an additional 15% of however many shares are issued and sold to the public.
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