Tyme Technologies, Inc. (NASDAQ: TYME) stock was down -27.20% to $93.96 in the premarket session today. It seems the stock is giving back part of the gains it achieved last night. The stock was up 93.96% to $3.53 at the previous close. On a year-to-date basis, the stock is up 189.34%. The stock index has gained 163.43% over the past month and 306.73% over the last three months. It has had excellent performance over the past six months, as it achieved 171.54%, and in the previous 52 weeks, it has made over 145.14%.
Tyme Technologies, Inc. (NASDAQ: TYME) has just announced that it has entered into a final arrangement with a range of healthcare-focused retail and other institutional buyers to sell a total of 40,000,000 shares of its common stock at a purchase price of $2.50 per share in a listed direct offering priced on the market under the Nasdaq rules. The bid is supposed to near or close. It is anticipated that this offering will close in early February 2021, subject to the satisfaction of customary closing conditions.
The offering is being handled by H.C. Wainwright & Co., exclusive placement agent.
Before deduction of placement agent’s fees and other offering expenses, the offering’s gross proceeds are expected to be $100 million. For the offering’s net profits, TYME intends to use as working capital, capital expenditures, and general and administrative expenses and further develop the company’s clinical and preclinical assets.
The company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, and technologies. However, as of this communication date, the company does not have any plans, commitments, or agreements regarding any acquisitions.
Tyme Technologies, Inc., an emerging biotechnology company, develops cancer therapeutics with low toxicity profiles and broad application across tumor types. Researchers predict we live in an excellent time for Biotech. Therefore, investors are expected to make a fortune if their products are approved.