Cyclacel Pharmaceuticals (NASDAQ:CYCC) stock is rocketing higher on Tuesday after the clinical-stage biopharmaceutical company withdrew a proposed public offering.
A filing with the Securities and Exchange Commission (SEC) shows that Cyclacel Pharmaceuticals is withdrawing its proposed public offering filed in March. The company notes that its filing fees won’t be refunded but seeks to have them applied to future filings.
Here’s a portion of what the company said in its filing with the SEC withdrawing the offering:
“The Company has determined not to pursue, at this time, the public offering to which the Registration Statement relates. The Registration Statement has not been declared effective by the Commission and no securities have been issued or sold under the Registration Statement. Accordingly, withdrawal of the Registration Statement is consistent with the public interest and the protection of investors, as contemplated by paragraph (a) of Rule 477.”
https://investorplace.com/2024/04/why-is-cyclacel-pharmaceuticals-cycc-stock-up-46-today/
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