Accelerate Diagnostics, an in-vitro diagnostics company based in Tucson, Arizona, has experienced a significant downturn in its share prices. The stock plummeted by 40% to an all-time low of 96 cents during early trading on Friday. This decline comes after a week-long slide that began when the company announced its plans for a public offering and private placement, aiming to raise approximately $15 million.
Previously closing at $3.70, the stock has witnessed a staggering drop of over 70% throughout the week. Accelerate disclosed that it intends to offer 6.86 million equity units, each comprising one share and one warrant for an additional share, at an attractive price of $1.50 per unit. It is important to note that this offering price is below Thursday’s closing rate of $1.605.
Furthermore, Accelerate revealed that its principal shareholder, the Jack W. Schuler Living Trust, has committed to acquiring close to 1.16 million units at a price of $1.73 each through a simultaneous private placement. Additionally, the trust plans to purchase another 1.56 million units at the same price by May 20. These purchases by the trust further underline their confidence in the company’s future prospects.
As of December 31, Accelerate had approximately 14.6 million outstanding shares.