Shares of Oragenics Inc (OGEN) took a nosedive on Wednesday, plummeting by 45.5% to $0.58, following the company’s announcement of a $4.45 million public offering.
The offering, which involves the issuance of 8,106,584 shares at $0.55 per share, is expected to close around September 5th, pending standard closing conditions. Oragenics anticipates raising approximately $4.45 million before fees and expenses.
The company plans to utilize the funds raised to advance the development of its ONP-002 product and for general corporate purposes. Dawson James Securities, Inc. is acting as the sole placement agent for the offering.
The news of the public offering comes at a time when OGEN shares have already faced significant challenges this year. Year-to-date, OGEN stock has lost a staggering 82.44%. This performance compares poorly to the average annual return of -70.43%, indicating that OGEN has underperformed its historical averages.
Investors are left grappling with the implications of this sharp decline. Some may choose to sell their shares to lock in profits or minimize potential losses, while others may see this as an opportunity to buy more shares at a discounted price. Ultimately, the decision to buy, sell, or hold OGEN stock depends on individual investment strategies and risk tolerance.
It is important to note that past performance is not indicative of future results. Investors should conduct thorough research and consult with financial professionals before making any investment decisions.
