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Thursday, May 19, 2022

What Explains 16% Gain In Histogen (HSTO) Stock?

Histogen Inc. (HSTO) shares have gained 16.71% at $0.2997 in Wednesday’s early session. Histogen (HSTO) stock subtracted 4.00% to finish last trading session at $0.26. The stock recorded a trading volume of 525.0K shares, which is below the average daily trading volume published for the last 50 days of 852.5K shares.

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The shares of Histogen (HSTO) have advanced 10.07% in the last five days; however, they have gained 10.17% over the last one month. The stock price has shed -32.03% over the last three months and has lost -22.81 percent so far this year. HSTO stock is surging following a securities purchase agreement.

What securities has HSTO been offering?

Histogen (HSTO) is focused on developing pharmaceutical products that will trigger the body’s natural mechanisms for healing and maintaining biological function. Hypoxia-induced multipotent cells produce hypoxia-induced cell conditioned media and extracellular matrix materials for Histogen’s innovative technology platform. In addition to joint cartilage regeneration, spinal disk repair, tendon, ligament, and soft tissue repair, HSTO’s proprietary, reproducible manufacturing process is able to address a wide array of therapeutic indications.

As a result of its securities purchase agreement with certain institutional investors, Histogen (HSTO) today disclosed a new development.

  • HSTO will sell 2,500 shares of Series A redeemable convertible preferred stock and 2,500 shares of Series B redeemable convertible preferred stock to investors under the agreement.
  • HSTO Series A and Series B preferred stock have a purchase price of $952.38, which represents a discount of about 5% over their stated $1,000 value.
  • At an initial conversion price of $1.00 per share, shares of the Series A and Series B preferred stock are convertible to HSTO’s common stock.
  • After the Company receives stockholder approval for an amendment to its certificate of incorporation allowing the Company to effect a reverse stock split of its common stock, Series A and Series B preferred stock may be converted at the option of the holder at any time.
  • Following the fulfillment of certain conditions and subject to certain limitations, HSTO will be authorized to force the conversion of Series A and Series B preferred stock.

How will HSTO conclude the offering?

Histogen (HSTO) expects to close the offering on or about March 25, 2022, provided the closing conditions are satisfied. HSTO will receive approximately $4.75 million in net proceeds from the offerings, before a placement agent’s fee and other estimated offering expenses have been deducted.

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