Notable Investors Spotlight: Galectin Therapeutics Inc. (NASDAQ:GALT)

Galectin Therapeutics Inc. (NASDAQ:GALT) spotted trading -57.53% off 52-week high price. On the other end, the stock has been noted 27.13% away from the low price over the last 52-weeks. The stock changed 0.50% to recent value of $4.03. The stock transacted 545899 shares during most recent day however it has an average volume of 399.06K shares. The company has 46.7M of outstanding shares and 34.41M shares were floated in the market.

Galectin Therapeutics Inc. (NASDAQ:GALT), the leading developer of therapeutics that target galectin proteins, reported the Alternate Price (i.e., the final computed price) of the common stock and related warrant subscribed in its Rights Offering, which expired on May 23, 2019 at 5:00 p.m. Eastern Time. In the Rights Offering, the Company gave each common stockholder and certain warrant holders the right to buy units, each consisting of 0.3 shares of common stock and a warrant for 0.075 shares of Company common stock. The subscription price for each share of common stock in the offering and the related warrant is the lesser of the Initial Price of $5.50 per share of common stock or the Alternate Price. As specified in the prospectus, the Alternate Price is determined by multiplying 95 percent of the volume-weighted average price of the Company’s common stock for the 25-day trading period from April 18, 2019 through May 23, 2019, which has now been determined to be $4.28 per share.

Because the Alternate Price is lower than the Initial Price of $5.50, the Alternate Price will apply. Subscribers in the Rights Offering paid in at the Initial Price of $5.50 per share of common stock subscribed. As provided in the Prospectus, in the event that the Alternate Price is lower than the Initial Price, the stockholders who exercised their rights will receive additional shares of common stock and related warrants, and the total number of shares of common stock and related warrants to be issued to stockholders will be computed based on the Alternate Price.  For example, a stockholder that subscribed for 1,000 units (300 shares of common stock plus the related warrant) would have paid a total of $1,650 based on the Initial Price but, using the lower Alternate Price, will instead receive 385 shares ($1,650 divided by $4.28) and receive 96 warrants (385 multiplied by 25 percent).

An announcement of the total proceeds and common shares and warrants in the Rights Offering will be made next week upon final administrative process completion and settlement of the transactions.

Its earnings per share (EPS) expected to touch remained 22.40% for this year.

According to the most recent quarter its current ratio was 4.2 that represents company’s ability to meet its current financial obligations. The price moved ahead of -11.14% from the mean of 20 days, -13.29% from mean of 50 days SMA and performed -16.82% from mean of 200 days price. Company’s performance for the week was -11.43%, -15.16% for month and YTD performance remained 17.49%.

Leave a Reply

Your email address will not be published. Required fields are marked *