Inspire Veterinary Partners (NASDAQ: IVP) stock jumped on Thursday after announcing the completion of a $4.0 million public offering.
Inspire Veterinary Partners (IVP) has successfully concluded its previously announced public offering of Class A common stock, generating gross proceeds of around $4.0 million, excluding placement agent fees and other offering expenses. The Company plans to allocate the net proceeds towards strategic acquisitions, engaging external third-party marketing and business consultants, bolstering working capital, and addressing general corporate needs.
The public offering comprised 47,058,823 (47.05 million) shares of Class A common stock and provided some investors with pre-funded warrants as an alternative to the shares. The shares and warrants are worth $0.085 each, with warrants exercisable at $0.0001 per share. Inspire made these pre-funded warrants available to purchasers whose ownership would otherwise exceed 4.99% or 9.99% of its outstanding Class A common stock.
Spartan Capital Securities, LLC has taken on the role of the sole placement agent for this offering.
Inspire Veterinary Partners (NASDAQ: IVP) Stock Reaction
IVP stock surged 8.82% to close at $0.12 on Thursday. The traders had exchanged hands with 51,289,526 (51.28 million) shares compared to the average daily trading volume of 4.68 million.
