electroCore, Inc. (NASDAQ:ECOR) stock continued to trade lower in the pee-market session on Tuesday, extending its yesterday’s loss of 5.70%.
In the pre-market session, ECOR stock is down 14% to $1.27 with more 12K shares traded hands.
electroCore Announces Proposed Public Offering of Common Stock
- electroCore announced that it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares to be sold in the offering will be offered by the Company. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. In addition, the Company intends to grant the underwriters a 45-day option to purchase up to an additional 15 percent of shares of its common stock offered in the public offering.
- Ladenburg Thalmann & Co. Inc. is acting as sole book-runner for the offering. Paulson Investment Company, LLC is acting as a co-manager for the offering.
- The Company intends to use the net proceeds of the offering for sales and marketing, working capital, and general corporate purposes. In addition, it believes that opportunities may exist from time to time to expand its current business through acquisitions or in-licenses of, or investments in, complementary companies, medicines, intellectual property or technologies.