Propanc Biopharma (PPCB) stock underwent a massive rally on Monday after the company’s shares were uplisted to the Nasdaq Exchange (NDAQ). Prior to this, the shares were traded on the OTC Market’s (OTCM) OTC Pink Exchange. The shares continue to be traded under the PPCB ticker after the uplisting, which went into effect at the end of trading on August 14.
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In addition to the uplisting, Propanc Biopharma announced a public offering for PPCB stock. This saw it sell 1 million shares of its stock for $4 per share, generating gross proceeds of $4 million. The company said it will use these funds for working capital and general business purposes.
There’s also an option for underwriters to acquire another 150,000 shares of PPCB stock at the public offering price. D. Boral Capital LLC and Craft Capital Management LLC were the book running managers for the offering.
Propanc Biopharma Stock Movement Today
Propanc Biopharma stock was up 151.22% in pre-market trading on Monday, following a 258.89% rally on Friday. However, the shares were still down 98.28% year-to-date and 58.8% over the past 12 months. Today’s rally came with heavy trading of PPCB stock, as some 5 million shares changed hands, compared to a three-month daily average of about 19,000 units.
While Propanc Biopharma stock is up now, the shares have seen extreme movement lately. This could leave the stock open to additional volatility. That means risk-averse traders will want to be careful about taking a stake in the company.