Zivo Bioscience Inc. (OTCMKTS:ZIVO) Stock Sees Selling Pessure At Higher Level: A Good Buy Now?
Zivo Bioscience Inc. (OTCMKTS:ZIVO)dropped 12% on recent news. Recently, the company finalized the pricing of an upsized underwritten public offering of 2.75 million units at a public offering price of $5 per unit. Each unit the company offers comprises one common share and one warrant to buy tine common share at an exercise price of $5.5.
Notably, the common shares and warrants will be issued separately, and they are separable immediately. The common stock shares and warrants started trading on the Nasdaq capital exchange on May 28, 2021, under the ticker “ZIVO” and “ZIVOW.”
The company expects gross proceeds of $13.8 million before accounting for underwriting commissions and discounts, and other offering expenses. ZIVO will execute a reverse share split of its outstanding and issued stock at a 1-for-80 ratio. In addition, the company has given underwriters a 45-day option to acquire another 414,000 common stock shares and an additional 414,000 warrants and the offering price covering any over-allotments. The offering closed on June 2, 2021. So in the coming months, ZIVO is a stock to watch.
Market Reaction:
On Monday, ZIVO stock plunged 11.66% at $3.56 with more than 275k shares, compared to its average volume of 498K shares. The stock has moved within a range of $3.4000 – 3.9400 after opening the trade at $3.94. Over the past 52-week, the stock has been trading within a range of $0.0700 – 7.2000.
