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Silo Pharma Inc (NASDAQ:SILO) shares are trading lower by 31% to $1.55 during Wednesday’s session after the company announced it has entered into agreements to sell 917,432 shares of common stock at $2.18 per share in a direct offering.
Additionally, in a private placement, Silo will issue unregistered warrants to purchase the same number of shares at $2.06 per share. These warrants will be immediately exercisable and will expire in five years. The offering is expected to close on June 6, 2024, pending customary conditions.
H.C. Wainwright & Co. is the exclusive placement agent. The company anticipates gross proceeds of about $2 million, which will be used for working capital and general corporate purposes.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of SILO Pharma have decreased by 30.99% in the past year. An investor who bought shares of SILO Pharma at the beginning of the year would make a profit of $0.01 per share if they sold it today. The stock has fallen 10.4% over the past month, meaning an investor who bought shares on May. 1 would see a capital loss of $0.32.
SILO Pharma shares have an all-time high of $14.5, representing 846.41% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. SILO Pharma stock currently has an RSI of 62.68, indicating neutral conditions.
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According to data from Benzinga Pro, SILO has a 52-week high of $3.05 and a 52-week low of $1.22.
Posted In: SILO
