Eloxx Pharmaceuticals Inc (NASDAQ:ELOX) continued to fall on Friday, extending its weekly loss to 28%.
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.
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.