After soaring nearly 57% over the past week, shares of bioelectric medicine maker Tivic Health Systems (NASDAQ:TIVC) are down nearly 41% in the pre-market session today after it announced the pricing of a public offering of ~33.17 million common shares at $0.041 per share.
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The company plans to use the expected $1.4 million in gross proceeds for working capital requirements as well as general corporate needs. The offer is anticipated to close on or about August 9.
Separately, Tivic is also slated to announce second-quarter numbers on August 14 and is widely expected to incur a net loss per share of $0.08 for the quarter. In the year-ago period, it had incurred a net loss per share of $0.32, missing the Street’s expectations by a wide margin of $0.08.
Today’s price erosion comes on top of a 97% drop in Tivic shares over the past year. At the same time, the stock is seeing a massive volume surge with nearly 173 million shares changing hands. In comparison, the average volume in Tivic shares over the past three months has hovered at about 16.5 million.
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