Nanosphere, Inc. (NASDAQ:NSPH) shares are trading up big this morning after the company announced the pricing of a huge common stock offering. With a market capital of just $4.45 million, the company plans to sell an additional $10 million in shares at a price of $0.47 per share, which is just slightly under yesterday’s closing price of $0.485 per share. The closing of the public offering is expected to occur on December 22, and will see 21,276,596 shares offered. Each of these shares will be coupled with a 5-year purchase warrant to acquire an additional share at an exercise price of $0.70 each.
For Nanosphere, Inc. (NASDAQ:NSPH), this has created quite a buying frenzy as the company appears to be able ot sell additional shares with no problem, at a price that is right on par with the previous close. It should be interesting to follow this stock in the coming days, and also see what it does once the official offering takes place.
The stock is up 36.18% or $0.176 following the news, hitting $0.661 per share. About 756,000 shares traded hands or up 320.65% from the average. NSPH has declined 87.59% since May 15, 2015 and is currently downtrending. It has underperformed the S&P500 by 85.33%.
Nanosphere, Inc. is engaged in developing, manufacturing and marketing an advanced molecular diagnostics platform, the Verigene System, which enables genomic and protein testing on a single platform. The company has a market cap of $4.45 million. The Company’s nanoparticle technology provides the solution to run multiple tests simultaneously on the same sample. It currently has negative earnings. The Verigene System includes a bench-top molecular diagnostics workstation that is a universal platform for genomic and protein testing.