Shares of Microbot Medical (NASDAQ:MBOT) have skyrocketed over the past couple of days. This appears to be attributable to an agreement that saw investors purchase 655,600 shares at a price of $2.20 per share. For reference, MBOT shares were trading in the $1.20 range on Friday, representing a significant premium.
In a statement, MBOT mentioned that they plan on putting the profits from the offering back into the company. They aim to fund the ongoing development, regulatory processes, and the launch of their LIBERTY Robotic System. They also hope to broaden their existing IP portfolio by exploring and developing new applications. Plus, they want to use part of these funds to manage day-to-day business expenses and for other routine company activities.
A look at the past five trading days for MBOT stock highlights the level of impact the deal had on it. Indeed, shares jumped over 147% during this timeframe as investors pushed the price well above the $2.20 per share agreement.
