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Shuttle Pharmaceuticals (NASDAQ:SHPH) stock is in the news today as shares rocket higher following its initial public offering (IPO).
SHPH stock went public yesterday in an offering that included 1.23 million units. These units each contained one share of the company’s common stock and a warrant to purchase an additional share. The warrants have an exercise price of 1 cent and are “immediately exercisable.”
According to Shuttle Pharmaceuticals, the IPO has it set to raise $9.96 million in gross proceeds. Boustead Securities acted as the lead underwriter of the offering while Valuable Capital was the co-underwriter.
Chairman and CEO Anatoly Dritschilo said the following in a news release.
“With the commencement of our shares listing on Nasdaq, we are excited to advance our lead product candidate aimed at improving the outcomes of cancer treatment through radiation therapy while reducing its side effects.”
It’s worth noting that IPOs have been seeing incredible volatility lately. Several initial public offerings have been targeted by traders jumping on shares as soon as they go public and selling after they rise higher.
It appears this might be happening with SHPH stock today as some 1 million shares change hands as of this writing. The company’s stock is also soaring 92% higher as of Thursday morning.
There’s more stock market news worth diving into below!
InvestorPlace is home to all of the hottest stock news traders need to know about for Thursday! A few examples of that include what has shares of MongoDB (NASDAQ:MDB), Disney (NYSE:DIS) and Nvidia (NASDAQ:NVDA) stock on the move today. You can get all those details from the following links!
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/09/what-is-going-on-with-shuttle-pharmaceuticals-shph-stock-today/.
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