How Far Will It Go? Healthier Choices Management Corp (OTCMKTS:HCMC) Stock Jumps

Healthier Choices Management Corp (OTCMKTS:HCMC)  stock is witnessing mild gains in the opening session on Monday on hefty volume.

Market Reaction:

As of 10:34, HCMC stock moved up 10.35% to $0.0016 with more than 964.95 million shares, compared to  its average volume of 219.33 million shares. The stock has moved within a range of $0.0014 – 0.0016 after opening the trade at $0.0016.

Major Trigger:

Healthier Choices Management Corp. Announces Expiration of Rights Offering Key Highlights:

• announced today the expiration of the Company’s rights offering. The subscription period for its previously announced rights offering (the “Offering”) of shares of common stock at an actual subscription price of $0.0010 per share, which represents a 25% discount to the 5-day VWAP ending on the expiration date, expired on June 10, 2021, and these rights are no longer exercisable.
• The subscription rights exercised totaled approximately 27 billion shares of common stock. Preliminary estimates indicate that the Company will be raising gross proceeds of approximately $27 million from the Offering. The results of the Offering and HCMC’s estimates regarding the aggregate gross proceeds of the Offering to be received by HCMC are subject to finalization and verification by its subscription agent.
• HCMC anticipates that closing of the Offering will occur on or about June 15, 2021, subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of direct registration in book-entry form or through the facilities of DTC, as applicable, shares of common stock to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock certificates will be issued to such holders.

Key Quote:

“We are highly encouraged by these results with CDI-45205 against SARS-CoV-2 and two prominent variants of SARS-CoV-2, and we intend to continue with further testing for antiviral activity against other emerging variants including the Indian variant,” said Sam Lee, Ph.D., Cocrystal’s President and interim co-CEO.