ElectroCore Inc. (NASDAQ: ECOR) stock declined by 3.81% at the last close whereas the ECOR stock gains by 14.85% in the after-hours trading session. However, there is no current update available regarding this rise in ECOR share price. ElectroCore, Inc. is a commercial-stage bioelectronic medicine company focusing on improving patient outcomes with their non-invasive vagus nerve stimulation therapy platform, which was initially designed to treat a variety of neurologic disorders. The current indications for electroCore include the prevention of cluster headache and migraine, as well as the acute therapy of migraine and episodic cluster headache.
ElectroCore has set a public offering price of $1.00 per share for an underwritten public offering of 18,000,000 shares of its ordinary stock. Before eliminating underwriting discounts and commissions, as well as any projected offering expenses, the total proceeds of the offering to ECOR are anticipated to be $18.0 million. The underwriters were also given a 45-day opportunity to acquire up to an additional 2,700,000 shares of common stock at the public offering price, less underwriting discounts, and fees.
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The offering is scheduled to close on or around July 2, 2021, pending the fulfillment of normal closing conditions. The only book-runner for the offering is Ladenburg Thalmann & Co. Inc. The offering is being co-managed by Paulson Investment Company, LLC.
The net proceeds of the transaction will be used by electroCore for marketing and sales, working capital, and other business purposes. Moreover, it thinks that opportunities to grow its existing business through purchases, in-licenses, or investments in complementary companies, medicines, intellectual property, or technology may arise from period to period. While ECOR currently has no contracts or agreements for specific acquisitions, in-licenses, or investments, a portion of the net revenues may be used for these objectives.