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Silo Pharma (NASDAQ:SILO) stock is making headlines on Wednesday as investors react to the company’s offering of its shares for sale.
This has seen SILO shares go from OTC market to Nasdaq yesterday. To accompany this, the company announced a stock offering of 1 million shares at a price of $5 each. The offering ends tomorrow.
Through this offering, the company expects to raise $5 million before subscription fees. It will use those funds for “product development, marketing, working capital, and general corporate purposes.”
Investors will also note that the offering includes a 45-day option for underwriters to purchase additional shares. This allows them to acquire up to 150,000 additional SILO shares at the offer price.
What does Silo Pharma do?
Silo Pharma is a development-stage biopharmaceutical company. Its main focus is the development of treatments for PTSD, Alzheimer’s disease and other rare neurological disorders. This includes combining traditional therapy with psychedelic research.
Shares of SILO are heavily traded on Wednesday after it went public. That has some 1.6 million shares of the stock in motion today. To put that into perspective, the company’s average daily trading volume is closer to 7,000 shares.
SILO stock is up 3.7% on Wednesday afternoon, but down 20.3% year-to-date.
There’s more stock market news traders will want to know below!
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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.