InMed Pharmaceuticals Inc (NASDAQ:INM) last traded at 18.78$. More than 31,937,457 shares exchanged hands compared to an average daily volume of mere ~90K shares. Stock of INM traded between the range of $13.78 – $19.50. The company currently has a market cap of $305.489M.
Reason why the stock price surged today
Earlier, INM had announced that it has entered into a securities purchase agreement with two healthcare-focused institutional investors for the issuance and sale of 691,245 of its common shares at a purchase price of $8.68 per share (or pre-funded warrant in lieu thereof) in a private placement priced at-the-market under Nasdaq rules. In addition, the Company has agreed to issue to the investors in the offering unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 1,382,490 common shares.
Could this be the next meme stock ?
The stock is trading at more than double the issuance price of 8.68$ offered to the institutional investors. While mart investors may refrain from buying the stock at twice its offering price, retail investors appear to show increased interest in INM causing the stock prices to surge. It would be interesting to know the current short position on INM. As always, follow traders vigilance and conduct your own DD.
