Pulmatrix, Inc. (PULM), a clinical-stage biopharmaceutical company, has plunged 16.78% in the premarket trading session. Consequently, the stock was trading at $0.31 when last checked. During Thursday’s regular trading session, the stock declined by 2.02% and closed the day at $0.37. The decline could be attributed to both company-specific issues as well as the ones impacting the whole of the market, i.e. increased geopolitical tension, which has sent markets tumbling across the globe.
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Reverse Stock Split
On Thursday, PULM announced the enactment of a 1 for 20 reverse stock split of its common stock. The stock split was to become effective from the 28th of February 2021. When the market would open on the 1st of March 2022, the company’s stock is expected to trade on NASDAQ on spit-adjusted-basis. After it would become effective, the reverse stock split would reduce the number of shares outstanding and issuable.
Letter to Shareholders
On 1st February, PULM issued a letter to the shareholders. The letter discussed the accomplishments the company achieved during the fiscal year 2021. They included resolution of outstanding contract dispute with partner Cipla, regaining full rights to PUR1800, and strengthening of its balance sheets. The company also provided an update on the outlook. It said that it was enthusiastic about the upcoming years as its upcoming clinical program would create marked stockholders value if it would get successful.
PULM Closed Registered Direct Offering
On 17th December, PULM reported that it would be closing the previously announced registered direct offering with the institutional investors for the sale and issuance of approximately 6,745.008 shares of convertible preferred stock and warrants for purchasing an aggregate of 5,620,834 shares of common stock, the gross proceeds from those being $6.75 million.
Future Outlook for PULM
Looking forward, PULM stock holds negative evaluation according to the analysts. Hence, it is expected to perform badly in the next couple of weeks. Investors should take prudent decisions regarding their investment in PULM stock.