Shares of Zomedica Corp. ZOM,
it fell 17.0% in pre-sale trading on Tuesday, following the veterinary health company’s common stock offer, that rose nearly sevenfold, at a deep discount price. With a trading volume of 40.1 million shares, Zomedica stock was the most active trading ahead of the opening. The company said overnight that the same book-running manager for the offer, HC Wainwrite & Co., has agreed. increase the size of the “demand-led” public offering to 91.3 million shares at a price of $ 1.90 to raise $ 173.5 million. The offer represented 16.2% of the 564.1 million shares still outstanding on November 11, while the offer price was 29.6% below Monday’s closing price of $ 2.70. Initially late Monday, Zomedica had announced a bid of 13.16 million shares to raise $ 25.0 million. Zomedica’s enhanced offer comes after the stock skyrocketed 1,070.9% year-to-date through Monday, compared to the S&P 500’s SPX,
4.3% gain over the same period.