Alpha Cognition Inc. (OTC: ACOGF) Stock Gains Momentum: But Why?
On December 22, a large number of companies had come into the news cycle for one reason or another, and one of those was Alpha Cognition Inc. (OTC: ACOGF). The company announced on that day that it had been successful in concluding a fourth closing in relation to its previously announced private placement of units in Alpha Cognition.
The company announced that, as per the fourth closing, it had issued as many as 9141534 units for the price of $0.22 each to raise gross proceeds to the tune of $2011138. It was also revealed that each unit was made up of a common share in the company and a warrant. The holder of a warrant would be entitled to pick up a common share in Alpha Cognition for the price of $0.31 for a period of up to three years.
In the news release, it was noted that up until the fourth placement, the company had managed to raise gross proceeds of as much as $4.7 million from the offering. However, it was also revealed that the company was going to continue with the offering of units under the same terms and conditions for up to a sum of $1.8 million. The company also revealed that the net proceeds from the private placement would be deployed towards research and development, working capital needs, and general and administrative expenses.
Alpha Cognition could also go for more offerings in relation to the private placement. The company was also diligent enough to point out that the news release did not constitute an offer of sale or any kind of solicitation to buy its securities in the United States. Additionally, it is important for investors to keep in mind that the company announced yesterday that the related securities would not be registered under the provisions of the United States Securities Act of 1933.
