Enlivex plummets after raising cash at discount

Shai Novik Photo: Eyal Yitzhar

Enlivex Therapeutics exploited yesterday's rise in its share price to raise $8 million.

Dual-listed Enlivex Therapeutics, whose share price shot up in Tel Aviv yesterday after it announced that its Allocetra product for treating sepsis could benefit Covid-19 coronavirus patients, exploited the momentum to raise $8 million at a discount on the market price of its shares, and in response its share price fell by 6.3% in New York by yesterday's close.

The closing price is still 9% higher than the price at which Enlivex raised the funds, but substantially lower than the price that the stock reached during yesterday's session. The company's market cap is now some $90 million, and it has fallen by about 40% in Tel Aviv this morning after opening on a wide negative arbitrage gap.

Published by Globes, Israel business news - en.globes.co.il - on February 25, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shai Novik Photo: Eyal Yitzhar
Shai Novik Photo: Eyal Yitzhar
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