electroCore Inc. (ECOR) shares plunged 14.76% in after-hours on Tuesday, June 29, 2021, and closed at to trade at $1.27 per share. early in the morning session, ECOR’s stock lost 5.70% to close Tuesday’s normal trading session at $1.49 per share. ECOR shares have risen 77.38% over the last 12 months, and they have moved down 8.02% in the past week. Over the past three months, the stock has lost 27.32%, while over the past six months, it has shed 1.97%.
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Proposed Public Offering of Common Stock
On June 29, 2021 electroCore, Inc announced that it intends to offer and sell shares of its common stock in an underwritten public offering. In addition, the Company intends to grant the underwriters a 45-day option to purchase up to an additional 15 percent of shares of its common stock offered in the public offering. There is no other details are provided about the size of the offer and how much gross proceeds the company will get.
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Positive results of (nVNS) on Cognitive Performance Caused by Sleep Deprivation
On June 24, 2021, electroCore, Inc reported the positive results of a randomized, double-blind, sham-controlled trial conducted at Wright-Patterson Air Force Base using gammaCoreSapphireTM and sponsored by the United States Air Force Research Laboratories (USAFRL).
The positive results were published in a peer-reviewed paper on June 10, 2021, entitled “Effects of Transcutaneous Vagal Nerve Stimulation (tVNS/nVNS) on Cognitive Performance under Sleep Deprivation Stress,” in the journal Communications Biology, a Nature publication.
Exclusive Distribution Agreement with Kromax
On June 23, 2021 electroCore, Inc entered into an agreement with Kromax International Corporation to serve as the exclusive distributor of the gammaCore Sapphire™ non-invasive vagus nerve stimulator (nVNS) in Taiwan and China.
Inauguration on Russell Microcap® Index
On June 16, 2021, electroCore, Inc announced today the addition of its stock to the broad-market Russell Microcap® Index after its 2021 annual reconstitution, effective after the open of trading on June 28, 2021, according to a preliminary list of additions posted by FTSE Russell on June 4, 2021.
Sale of $1.4 Million of NJ NOL Tax Benefits
On June 09, 2021, electroCore, Inc received approximately $1.4 million in non-dilutive cash by completing the sale of $1.4 million of its available tax benefits through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer program for fiscal years 2019 and 2020.
Publication of results of a randomized, double-blind, sham-controlled crossover trial
On June 2, 2021, electroCore, Inc reported the results of a randomized, double-blind, sham-controlled crossover trial conducted at the Institute of Neurosciences in Kolkata, India in collaboration with the Faculty of Medical Sciences at Newcastle University in England using gammaCoreSapphireTM. The results were published in a peer-reviewed paper, entitled “Non-Invasive Vagus Nerve Stimulation Improves Clinical and Molecular Biomarkers of Parkinson’s Disease in Patients with Freezing of Gait” in the journal NPJ Parkinson’s Disease.
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Conclusion
The proposed public offering of common stock, announced yesterday took the ECOR stock to slide down and we can expect it to continue its plummeting on Wednesday as well.
