Helius Medical Technologies Inc. (NASDAQ: HSDT) shares were down 35% last week after the neurotech company announced the completion of a previously announced underwritten public offering of around 1.385 million Class A common stock shares at $8 per share.
Trading Data
On Friday, HSDT stock fell 0.61% at $8.11 with more than 40.47K shares, compared to its average volume of 30.56k shares. The stock has moved within a range of $8.05 – 8.25 after opening trade at $8.20.
Underwritten Public Offering
As a result, the company realized gross proceeds of around $11.1 million, including the exercise of the over-allotment option to the underwriter to buy more shares of its common stock. The gross proceeds are subject to deductions of commissions and underwriting discounts, and payable offering expenses by the company. Helius intends to put the net proceeds from the offering into funding operations, general corporate purposes, and working capital.
The company issued the shares pursuant to a Form S-3 shelf registration statement declared effective by the US SEC on February 6, 2020. In addition, Helius has filed the final prospectus with the SEC associated with common stock shares. Helius works on neurological wellness products, and its focus is developing, licensing, and acquiring exclusive and non-invasive platform techs that amplify the ability of the brain to heal itself. So, investors should watch HSDT.
Technical Data
HSDT stock is trading below the 20-Day and 50-Day Moving averages of $12.12 and $12.72 respectively. Moreover, the stock is trading below 200-Day moving average of $14.88. The stock is down 46% in the past 3-month.
