Clinical stage pharmaceutical firm Panbela Therapeutics Inc (NASDAQ:PBLA) had a pretty rough time last week as its stock declined by as much as 28%. Back on June 30, the company made a major announcement about its public offering.
The company revealed that the underwriter decided to raise the size of the offering due to high demand. Under the revised terms of the offering, the underwriter is going to offer a total of 3,333,334 shares in Panbela at $3 each without the costs of commissions and discounts to the underwriter. The public offering of the Panbela shares was completed this past Friday.
H.C. Wainwright & Co is going to act as the solitary book runner for the whole transaction. In this regard, investors need to also keep in mind that Panbela has also given the underwriter an option by way of which it can pick up 500,000 more shares within a period of 30 days.
The price action in the Panbela stock over the course of the past week is an indication that the investors were not particularly thrilled at the whole affair. It now remains to be seen if the stock can actually make a recover in the coming days.
Market Reaction:
On Friday, PBLA stock went down 0.71% at $2.85 with more than 352k shares, compared to its average volume of 135K shares. The stock has moved within a range of $ 2.7200 – 2.8699 after opening the trade at $2.83. Over the past 52-week, the stock has been trading within a range of $2.3700 – 10.0000.
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