Eloxx Pharmaceuticals Inc (NASDAQ:ELOX) continued to fall on Friday, extending its weekly loss to 28%.
Market Action
On Friday, ELOX stock closed lower by 20.59% to $1.35. More than 10.90 million shares traded hands for the session, well above its 30-day average volume of 287K shares. Moreover, the stock made a new 52-week low of $1.34 on Friday. The stock has lost 65% so far this year.
ELOX Announces Pricing of PO
Late Friday, the company released news related to its Public Offering of Common Stock. Following were the key highlights:
- ELOX announced the pricing of an underwritten public offering of 33,333,334 shares of common stock at a public offering price of $1.35 per share.
- In addition, the Company expects to grant the underwriters a 30-day option to purchase an additional 5,000,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
- B. Riley Securities, Inc. is acting as sole-book running manager for the offering.
- The offering is expected to close on or about May 18, 2021, subject to customary closing conditions.
Trader Notes
ELOX gapped down 35 cents on the open Friday then traded in a very tight range. ELOX trades well below all its major moving averages. We will see if ELOX trades higher to close the gap before heading lower.
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