ABVC BioPharma Inc. (ABVC) shares declined 5.17% in after-hours on Friday, December 10, 2021, and closed the weekly trading at $3.30. However, in the regular trading session on Friday, ABVC’s stock gained 5.14%. ABVC shares have fallen 18.12% over the last 12 months, and they have moved up 18.77% in the past week. Over the past three months, the stock has gained 16.00%, while over the past six months, it has plunged 34.95%.
Let’s have a brief look at its recent news and developments.
ABVC new dietary products &distribution agreement
On December 09, 2021, ABVC Biopharma, Inc. (ABVC), announced that BioKey, a wholly-owned subsidiary of the Company based in Fremont, California, will produce dietary supplements derived from the maitake mushroom in both tablet and liquid forms.
BioKey signed a three-year distribution agreement with Define Biotech Co. Ltd. The agreement grants Define Biotech the exclusive right to distribute this new dietary supplement in China and Taiwan in exchange for the commitment to purchase $3.0 million worth of the new product over the three years.
BioKey will manufacture the supplements at its GMP manufacturing facility in Fremont, California. The maitake mushroom is rich in bioactive polysaccharides, especially beta-glucans. Beta-glucans in maitake mushrooms have been found to reduce cholesterol, resulting in improved artery functionality and overall better cardiovascular health, which tends to lower the risk of heart disease and provide immune system support.
ABVC latest financial results
On November 15, 2021, ABVC BioPharma, Inc. (ABVC), released its financial and operating results for the third quarter of 2021.
Q3 2021 financial highlights
- ABVC reported total revenue of $98,999 in Q3 2021 compared to $115,553 in Q3 2020.
- In Q3 2021, gross profit was $98,606 compared to $106,934 in Q3 2020.
- Total operating expenses were $2,069,160 in Q3 2021 compared to $1,396,700 for Q3 2020.
- It suffered a net loss of $1,886,244 for the three months ended September 30, 2021, compared to $2,131,131 for the three months ended September 30, 2020.
ABVC received more capital from the public offering
On November 11, 2021, ABVC BioPharma, Inc. (ABVC), received $4,245,000 in additional gross proceeds from the exercise of Series A warrants issued in the company’s August 3, 2021, public offering of securities. Investors exercised a total of 673,723 Series A warrants at $6.30 per share. The Company has received an aggregate of approximately $11,120,000 as of November 9, 2021.
ABVC stock was surging for the last few sessions after its new dietary supplement announcement. There was no reason for its decline in the after-hours on Friday but it performed well in recent trading sessions. Let’s see how it commence trading on Monday after the weekend?