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      Why OpGen (OPGN) Stock Is Skyrocketing Pre-Hours Today?

      By Fahim Awan

      Published on

      October 12, 2023

      12:50 PM UTC

      Last Updated on

      October 12, 2023

      1:01 PM UTC

      Why OpGen (OPGN) Stock Is Skyrocketing Pre-Hours Today?

      OpGen, Inc. (NASDAQ: OPGN) shares are experiencing a remarkable surge during the premarket trading session today, demonstrating a notable increase of 542.86%, with the stock price reaching $2.16. In the preceding trading session, OpGen (OPGN) shares exhibited a modest decline of 2.89%, ultimately concluding the day’s trading at $0.3360.

      The significant upswing in the share price can be attributed to a pair of Securities and Exchange Commission (SEC) filings pertaining to the issuance of preferred shares and an advance payment resulting from a purchase agreement, which have positively impacted the stock’s performance before the market opening.

      In its first disclosure, OpGen unveiled a strategic financial arrangement executed on October 11, 2023. This initiative involved a Preferred Stock Purchase Agreement with a solitary investor, wherein OpGen committed to privately allocate 1,000 shares of the Company’s Series D Preferred Stock at $1,000 per share, generating $1.0 million in gross proceeds. This capital injection was dedicated to sustaining OpGen’s operations and facilitating prospective strategic endeavors with the investor. The anticipated strategic transaction will be governed by a definitive agreement.

      In a separate filing, OpGen’s subsidiary, Curetis GmbH, received a substantial upfront payment of 750,000 euros on October 6, 2023. This payment was associated with the impending sale of Unyvero A50 systems to a strategic partner. The specifics of the final purchase are pending agreement in a purchase order or agreement between the parties.

      This transaction was part of broader negotiations involving Curetis, Ares Genetics GmbH (another OpGen subsidiary), and the strategic partner, with potential for further acquisitions by the partner. The ongoing negotiations will result in a comprehensive agreement. OpGen plans to employ the received advance payment to bolster the operational capabilities of Curetis and Ares Genetics while continuing discussions with the strategic partner.

      Both of these transactions exemplify OpGen’s commitment to fortifying its financial foundation and pursuing strategic growth opportunities in a deliberate and calculated manner.

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