Yesterday, ENDRA Life Sciences Inc. (Nasdaq: NDRA), a pioneer in Thermo Acoustic Enhanced Ultrasound (TAEUS®), officially announced the pricing of its public offering, targeting gross proceeds of approximately $8.0 million. This move marks a strategic push to bolster the company’s capital and invest in its innovative ultrasound technology.
At the close of trading day today, ENDRA’s stock price was up by 63.41%, reaching $0.1389. However, after hours, the stock saw a slight decrease of 3.53%, adjusting to $0.1340. Throughout the day, the stock fluctuated between a low of $0.1253 and a high of $0.2026. With a substantial trading volume of 482,108,803 shares, the activity was significantly higher than the average volume of 9,023,592 shares, reflecting heightened investor interest likely spurred by the announcement of the public offering.
The public offering consists of 61,538,461 shares of common stock or, alternatively, pre-funded warrants. These are accompanied by a unique bundle of Series A and Series B Warrants, enhancing the attractiveness of the offering. The Series A Warrants and the Series B Warrants are set at an exercise price of $0.22 per share. However, the Series B Warrants also offer an alternative cashless exercise option, where three shares can be acquired at a nominal $0.001 per share. The exercise of these Warrants is contingent upon stockholder approval and an increase in the authorized shares, highlighting a forward-thinking governance structure.
The pricing of each share or pre-funded warrant at $0.13, minus a nominal $0.0001 for the pre-funded warrants, reflects a calculated approach to financing that balances investor incentives with company needs. This pricing strategy follows a significant uptick in ENDRA’s stock, which surged 63.41% to close at $0.1389, despite a slight dip in after-hours trading.
The proceeds from this offering are earmarked for working capital and general corporate purposes, indicating ENDRA’s commitment to solidifying its financial base and supporting ongoing research and development. The expected closing date of the offering is set for June 5, 2024, pending customary closing conditions.
This funding initiative comes at a pivotal time for ENDRA Life Sciences, as it seeks to expand its reach and impact in the medical imaging sector. With a trading volume that dramatically exceeds the average and a broad price range over the past year, ENDRA is positioned to make significant strides in its field. This offering not only capitalizes on recent market gains but also sets the stage for sustained growth and innovation in enhancing ultrasound technologies.
Source: https://finance.yahoo.com/quote/NDRA/
https://finance.yahoo.com/news/endra-life-sciences-announces-pricing-132100788.html
