TransCode Therapeutics Inc. (NASDAQ:RNAZ) Stock Turns Volatile After The Recent Slump
TransCode Therapeutics Inc. (NASDAQ:RNAZ) jumped over 15% but was down 37% in the past month. The company has priced its initial public offering of 6.25 million common shares at an offering price of $4 per share. TransCode expects gross proceeds of $25 million before accounting for offering expenses and subtracting underwriting commissions and discounts.
Equally, the company had offered underwriters a 45-day option to buy an additional 937,500 common shares of the stock covering over-allotments at the IPO price minus underwriting commissions and discounts. TransCode is offering all shares of its common stock for the IPO.
The company will use net proceeds from the offering for necessary testing for an IND submission for the Phase 0 study of TTX-MC138 to advance TTX-MC138 development and the strategic expansion of the company’s product portfolio. The remaining amount will go into general corporate purposes and working capital. The Shares will start trading on the Nasdaq exchange under “RNAZ,” with the offering closing on July 13, 2021, subject to meeting standard closing conditions. So in the coming weeks, RNAZ is a stock to watch.
Market Reaction:
On Wednesday, RNAZ stock surged 15.33% at $3.31 with more than 1.53 million shares, compared to its average volume of 4.83 million shares. The stock has moved within a range of $2.9500 – 3.5800 after opening the trade at $2.95. Over the past 52-week, the stock has been trading within a range of $2.6700 – 7.0000.