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Algernon Pharmaceuticals Inc (OTCMKTS:AGNPF) Stock Gains 10% In a Week

Pete Matthews , , , ,

Canadian clinical stage pharmaceutical development company Algernon Pharmaceuticals Inc (OTCMKTS:AGNPF) announced last week that it had successfully managed to close a rights offering that it had previously announced. The offering had expired on April 27, 2023. At the closing of the offering Algernon offered a total of 4,753,369 units for the subscription price of $0.25 each.

Trading Data

On Friday, AGNPF stock ended flat at $0.2030 with more than 40 shares, compared to its average volume of 13.56K shares. The stock moved within a range of $0.2030 – 0.2030 after opening trade at $0.1834.

Algernon Pharmaceuticals Announces Closing of Rights Offering

That helped the company in raising total gross proceeds to the tune of $1,888,342. Each unit is made up of one Class A common share in Algernon and a solitary share purchase warrant. Anyone who holds a warrant would be entitled to pick up a common share in the company for the price of $0.52 up until November 5, 2024.

Algernon also announced that it managed to generate subscriptions for a total of 2,871,597 units as per the provisions of the basic subscription privilege. Subscriptions were also received for 1,881,772 units as per the provisions of the additional subscription privilege.

Company insiders picked up a total of 1,418,982 units in the company as per their basic subscription privilege and a total of 600,000 under the provisions of the additional subscription privilege. It may be a good time to keep an eye on the Algernon stock.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.