GRI Bio Inc. (NASDAQ: GRI) Stock Breaks Out After Latest News

Investors who are looking into the biggest gainers from Monday would probably not miss the GRI Bio Inc (NASDAQ: GRI) stock, which clocked gains of 120%. The rally came about after the company made a significant announcement.

GRI Bio Announces Exercise of Warrants

The company announced yesterday that it had gone into definitive agreements with regards to the exercise of some existing warrants and that would lead to the purchase of 762,236 shares of the GRI Bio common stock.

The shares would have the exercise price of $14.30 each; however, in February 2024, the company had issued the shares with a much reduced exercise price of $1 a share. It was also noted in the news release that, subject to meeting of customary closing conditions, the offering would close on October 22, 2024.

Further Information

The sole placement agent for the latest offering would be HC Wainwright & Co. Due to the fact that the warrants would be exercised immediately for cash, GRI Bio would also issue Series D-1 warrants to pick up 762236 shares of the common stock.

Additionally, new unregistered D-2 warrants would also be issued for the purchase of 762236 shares of the common stock. The new warrants could be exercised immediately for the price of $1 a share. The D-1 warrants would have a term of 5 years, while the D-2 ones would have a term of 18 months.

Technicals

+/- EMA(20)	0.57 (+66.68%)
+/- SMA(50)	0.49 (+93.90%)
+/- SMA(200)	6.74 (-85.90%)
5-Day Perf.	+156.78%
1-Month Perf.	+115.54%
3-Month Perf.	-41.35%
6-Month Perf.	-84.11%
YTD Perf.	-97.29%
1-Year Perf.	-99.09%
RSI(14)	65.04
ATR(14)	0.19
ADX(14)	20.67