Alzamend Neuro Inc. [NASDAQ: ALZN] stock went on an upward path that rose over 11.63% on Monday, amounting to a one-week price increase of more than 18.23%. The company report on June 18, 2021 that Alzamend Neuro Announces Closing of Initial Public Offering and Full Exercise of Underwriter’s Over-allotment Option for Gross Proceeds of $14.4 Million.
Alzamend Neuro, Inc. (“Alzamend”), a preclinical stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, announced the closing of its initial public offering of 2,500,000 shares of its common stock and full exercise of the underwriter’s over-allotment option to purchase 375,000 additional shares of common stock at a price to the public of $5.00 per share. The gross proceeds from the offering to Alzamend, before deducting the underwriting discounts and estimated offering expenses, were approximately $14.4 million. Alzamend’s common stock is listed on The Nasdaq Capital Market under the ticker symbol “ALZN”.
Spartan Capital Securities, LLC acted as the sole book-running manager for the public offering.
The market cap for the stock reached $815.32 million, with 84.93 million shares outstanding and 37.25 million shares in the current float. Compared to the average trading volume of 1.32M shares, ALZN stock reached a trading volume of 5355909 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Alzamend Neuro Inc. [ALZN]:
The Average True Range (ATR) for Alzamend Neuro Inc. is set at 4.04
ALZN Stock Performance Analysis:
Alzamend Neuro Inc. [ALZN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 18.23.