Hoth Therapeutics, Inc. (HOTH) is a biotech company, and its stock gained in the pre-market after announcing a $7 million worth of public offering. HOTH currently values at around $0.81 losing more than 23%. HOTH stock one day before gained by more than 71% to reach $1.05 with a trading volume of approximately 1.13 million.
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Global Biotechnology Industry
The biotechnology industry comprises using microorganisms to develop or improve the treatment of certain diseases and introducing therapies and medicines for them. It has wide applications in many industries, and its impact could be seen in different sectors like pharmaceutical and medicine, food and chemical production, and genomics. Its other uses include health and well-being implications, environmental protection, and food protection.
The global biotechnology industry was worth around $733 billion in 2020 and $793 billion in 201. According to the estimates, it is forecasted that the global market size of the biotech industry will be worth around $1.6 trillion in 2030, with a compound annual growth rate of 8.7%.
HOTH Public Offering
Hoth Therapeutics, Inc. (HOTH) announced that HOTH had set the price of 8.2 million shares of common stock at $0.85 per common stock share for the public offering. The total amount of money raised will be about $7.0 million before underwriting discounts, commissions, and other costs are considered. A 45-day option to acquire up to 1.2 million shares of Ordinary Shares at the public offering price per share, minus underwriting discounts and fees, has also been provided to address over-allotments.
April 14, 2022, is the closing date of the offering. HOTH will use the proceedings of $7 million for fundamental corporate and working capital reasons. The offering’s only financial manager is EF Hutton, a Benchmark Investments LLC affiliate.
HOTH stock has currently 23% down after gaining 70% on Monday. The underwriter’s offering of $7 million has caused the stock price to plunge in the pre-market today.