The stock price of Medavail Holdings Inc (NASDAQ: MDVL) increased yesterday and again today. Investors are responding positively to what was revealed in a regulatory filing.
The regulatory filing showed that Redmile Group acquired a large number of shares in the company. One of those transactions was 14,117,646 shares at an average price of $1.0625 each.
This was expected as MedAvail recently announced the first closing of a private placement for the sale of approximately 37.6 million shares of common stock at an offering price of $1.0625 per share, together with the issuance of warrants to purchase approximately 18.8 million shares of common stock. And the first closing of the private placement resulted in gross proceeds to MedAvail of $40 million, before deducting placement agent commissions and other offering expenses.
MedAvail plans to utilize the net proceeds for general corporate purposes and to fund its strategic initiatives.
https://pulse2.com/medavail-nasdaq-mdvl-stock-why-the-price-surged-today/
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