On March 21, Statera Biopharma Inc. (STAB) announced a proposed underwritten public offering. Consequently, the stock took a harsh hit in the after-hours and plunged down by a further 27.65% to reach a new low.
The stock traded in the red during the regular session as well, declining by 7.20% at its closing price of $0.5943 per share. Intraday trading, STAB saw a high of $0.6609 and a low of $0.5753. The volume of the session was 186% above the average as 1.31 million shares exchanged hands during the session. Following the announcement, the stock plunged down to $0.4300 per share in the after hours. Thus, STAB recorded its new 52-week low in the after-hours, against the previous $0.5400 per share.
The clinical-stage biopharmaceutical company, Statera Biopharma Inc. was founded in 2003 and is based in Fort Collins, CO. Currently, the company’s 37.47 million outstanding shares trade at a market capitalization of $23.99 million. Declining by 13.94% in the past five days, STAB stands at a year-to-date loss of 74.16%. Moreover, the stock suffered a downfall of 90.31% last year.
STAB’s Public Offering
On Monday, the company announced the initiation of an underwritten public offering. The offering comprises units and pre-funded units. The units are composed of one common stock share along with one warrant for buying a common stock share. And the pre-funded units consist of one pre-funded warrant for buying a common stock share and one warrant for a common stock share’s purchase.
Furthermore, the sole book-running manager for the offering is EF Hutton, a division of Benchmark Investments.
Additionally, the legal counsels for the offering include Anthony L.G., PLLC to STAB and Carmel, Milazzo & Feil LLP to EF Hutton.
Preliminary Fiscal 2021 Results
On March 08, the company announced revised and unaudited preliminary financial results for fiscal 2021 which ended on December 31, 2021.
In fiscal 2021, the company had revenues of $1,487,036 against $0 in the prior year with an increase of 100% YOY. This increase in revenue was a result of the acquisition of ImQuest Life Science Inc. and its subsidiaries by Old Cytocom in June 2021.
STAB had operating costs of $31,587,009 in fiscal 2021, against $19,501,668 in fiscal 2020. Thus, marking an increase of 191% YOY.
Additionally, based on the preliminary results, the company expects positive shareholders’ equity as of 2021 year-end.