search icon

    Market Snapshot

    • S&P Futures

      3,809.5

    • Dow Futures

      30,868

    • Nasdaq Futures

      11,633.25

    blog search icon

    Mainz Biomed B.V. (MYNZ) declined in the current market; here is why?

    By Shariq Khan

    Jan 26,2022

    7:03 AM UTC

    The stock of Mainz Biomed B.V. (MYNZ) declined in the current market after Mainz announced its underwritten public offering in a press release. MYNZ values at around $15.44, losing more than 23% from the previously closed value. At the end of the last trading session, the stock closed at around $20.25. The stock volume traded in the previous trading session was around 966.23K shares.

    Reason for the stock decline

    Mainz Biomed B.V. (MYNZ) announced a follow-on public offering of 1,500,000 ordinary shares for $15.00 per common stock netting $22,500,000.

    According to a registration declaration on Form F-1 filed with the SEC, the Follow-On Offering is offered. The Follow-On Offering expects to end on January 28, 2022, if all regular closing terms are fulfilled. In connection with the Follow-On Offering, Mainz Biomed has granted an underwriter the option to purchase up to 225,000 extra common stock at the Purchase Price to mitigate any over-allotments. Mainz Biomed is selling all of the shares.

    Boustead Securities, LLC is the only underwriter for the offering. Mainz Biomed hired Ortoli Rosenstadt LLP as its lawyer. Sichenzia, Ross and Ference LLP represented the underwriter.

    The prospectus is the exclusive medium for the offering. Boustead Securities, LLC will make the final prospectus available when it becomes available.

    Effect on the stock

    The news hit the market in Pre-market hours. Pre-market is a bit volatile as most traders prefer to trade in the regular trading session. The regular trading has just begun, and investors can assess actual effect of the offering at the end of the current session. In such cases, the stock price most of the time remains low when the session closes.

    Conclusion

    The company is looking forward to using the money in general administrative expenses and working capital. They might use the money in sales marketing to achieve fiscal 2022.

    More From Stocks telegraph