Cocrystal Pharma, Inc. (NASDAQ: COCP) disclosed that it has decided to launch the public offering of common stock. The firm has inked an underwriting agreement with H.C. Wainwright & Co., LLC. As per the deal, an underwriter has confirmed to buy on a firm guarantee basis 26,000,000 shares of common stock of the firm, at a price to the public of $1.54 per share, subtracting underwriting concessions and payments.
Cocrystal Pharma is anticipating that the profit from this offering is going to be $40 million before subtracting underwriting markdowns, fees, and offering costs. The firm has also disclosed its plan to utilize the profit from this offering for the development of its COVID-19 and Influenza cure expansion programs and general business purposes and working capital.
Shares of Cocrystal Pharma skyrocketed 72.58% as it gained +0.90 during the trading session of Tuesday. The firm has reported a price of $2.14 per share. In the past 52-weeks of a trading session, the shares of the firm wavered between the 52-week low and high range of $0.76 and $3.04, respectively. Cocrystal has recorded a market capitalization of $158.15 million at the time of writing.
Furthermore, it has been declared by the firm that the sole-book running manager of the firm for the offering is H.C. Wainwright & Co. Moreover, the shares of common stock are being provided by the firm following a "shelf" registration statement on Form S-3 initially submitted with the SEC on April 17, 2020 and proclaimed valid by the SEC on May 13, 2020.