Shares of the biotechnology company, PolarityTE Inc. (PTE) shares have dropped -8.20% at $0.32 in Wednesday’s session. PolarityTE (PTE) stock finished the last trading session at $0.35. The stock recorded a trading volume of 0.73 million shares, which is below the average daily trading volume published for the last 50 days of 0.86 million shares.
The shares of PolarityTE (PTE) have retreated -0.37% in the last five days; however, they have lost -25.49% over the last one month. The stock price has shed -22.13% over the last three months and has lost -40.60 percent so far this year. PTE stock is losing ground after entering into a securities purchase agreement.
What agreement have PTE entered into?
PolarityTE (PTE), situated in Salt Lake City, Utah, is an organization that makes recovering tissue items and biomaterials. SkinTE is PolarityTE’s underlying recovering tissue item. The U.S. Food and Drug Administration (FDA) has an open investigational new medication application (IND) for SkinTE, and PTE is presently leading the first of two crucial examinations on SkinTE expected to help a biologics permit application (BLA) for a persistent cutaneous ulcer sign. SkinTE is exclusively accessible for research purposes.
PolarityTE (PTE) declared today that it has agreed to offer resources for solitary medical care centered institutional financial backer.
- PTE will sell 3,000.000435 shares of Series A convertible preferred stock and 2,000.00029 shares of Series B convertible preferred stock, as well as privileges to obtain up to 16,393,445 portions of normal stock, under the particulars of the understanding.
- The expressed worth of each share of Series A and Series B favored stock is $1,000, with a change cost of $0.305 per share.
- The preferred stock presented in the exchange can be changed over into a sum of 16,393,445 common stock offers.
- The warrants have an activity cost of $0.35 per share, are exercisable a half year after issuance, and terminate two years after issuance.
- Prior to deducting the placement agent’s charges and other projected offering costs, the all out continue from the contribution are relied upon to be around $5.0 million.
- C. Wainwright and Co. is going about as the contribution’s exclusive arrangement specialist.
- PTE means to assemble an exceptional gathering of investors to support a proposition to invert the normal stock’s parted proportion (the “Proposition”).
PTE to release financials
PolarityTE (PTE) expressed today that it would give an official statement on March 30, 2022, at 7:30 a.m. Eastern Time, with results for the year finished December 31, 2021. On March 30, 2022, at 8:30 a.m. Eastern Time, PTE will hold a phone call and webcast with Q&A.