MoSys, Inc. (MOSY) stock announced a $13 million registered direct offering priced at the market under Nasdaq rules after which the MOSY stock happened to be green and stock price saw a push of 7.99% to reach $7.57 a share at the time of this writing. MOSY stock was gloomy in the previous trading session and went down by 23.05% at closing. Let’s figure out more about the current happenings.
$13 Million Registered Direct Offering
MoSys stock signed the definitive agreement with institutional investors pursuant to which selling and purchasing of about 1,818,181 shares of MoSys common stock will happen at a per-share price of $7.15. The gross proceeds resulting from this offering would be $13 million and these proceeds would be used by MOSY stock for general corporate purposes as well as for working capital. The offering is expected to end on June 9, 2021, after meeting specific customary closing conditions.
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Recent Development by MoSys, Inc.
On May 17, 2021, MoSys stock did announce the addition of support to optimized P4 pipeline support for its stellar packet Classification Platform IP family of virtual accelerators. The optimized support solution will be available to early access customers in the third quarter of 2021 and would be integrated into the P4 pipelines that are available from FGPA vendors.
First Quarter 2021 Financial Results
According to the first-quarter 2021 financial results report,
- MOSY stock generated $1.3 million in revenue in the first three months of 2021 which is $0.3 million lesser than the previous quarter’s revenue and equal to the revenue in the same period of the prior year.
- The gross margin for MOSY stock was 63% in Q1 2021 while it was reported 68% in Q4 2020 and 58% for Q1 2020.
- MoSys stock spent $2.2 million in operating expenses on GAAP basis in the first quarter of 2021 as compared to $2.1 million operating expenses in the same tenure of the previous year.
- Non-GAAP basis operating expenses were $2.2 million for the MoSys stock in the recently reported quarter as compared to $2.0 million operating expense in the first quarter of 2020.
- MOSY stock suffered a GAAP net loss of $1.4 million, or $0.28 per share and non-GAAP net loss was $1.3 million, or $0.28 per share in the first quarter of 2021.
Conclusion:
The announcement of a $13 million registered direct offering has made the MOSY stock green in the pre-market today. In a nutshell, investors are required to do deep fundamental as well as technical analysis for MOSY stock before making any decision.