Petros Pharmaceuticals Inc. (PTPI) stock went down by a further 5.24% premarket at $2.71 against its last close at $2.86 on November 30. In the previous trading session, the stock fell down by 28.50% losing $1.14 at a volume of 33.12 million. The stock ranged between $2.41 and $3.67 in Tuesday’s trading session. While it has seen a high of $5.9599 and a low of $1.1900 in the past 52 weeks. The stock’s 65-day average volume is 10.61 million shares. PTPI has gained a whopping 56.28% in the past five days. While it has gained 20.17% in the past three months, PTPI stock has gone down by 35.00% year to date. Currently, the market capital of the stock is $52.6 million with 13.15 million shares outstanding. Further, the stock’s current beta value is 2.06.
PTPI stock seems to continue its downfall in the premarket, following the announcement of its $10 million offering.
Founded in 2020, Petros Pharmaceuticals Inc. (PTPI) is a leading provider of therapeutics for men’s health.
PTPI’s Stock Movement
On November 29, PTPI stock reached a high of $5.20 after almost 10 months. External factors like circulating news of a short squeeze and stock sentiment drove the stock’s volume to reach 240 million shares. PTPI reached the price of $5.20 after almost ten months, making it a huge gain in the stock. On Monday, the stock gained over 90% in the premarket alone. Such a big gain in the stock caught the interest of profit bookers as the stock started to fall on Tuesday. Market corrections due to profit booking led the stock to lose 28.5% in the previous trading session.
The downtrend while initially due to market corrections, now seems to continue upon the company’s announcement of its recent offering.
The company’s Offering
On November 30, Petros Pharmaceuticals Inc. (PTPI) announced an offering worth $10 million. As per details, the company has entered agreements with its largest and other existing investors for the purchase and sale of 3,333,333 shares of common stock. The purchase price of the common stock would be $3.00 per share. Moreover, 2,153,333 shares would be sold in registered direct offering while 1,180,000 shares in a private placement. Further, the company will also issue unregistered warrants to the investors for acquiring 2,500,000 shares at an exercise price of $3.50.
The offering is expected to close on or about December 2, 2021. While the company intends to use the net proceeds from the offering for expansion of its platform, working capital, and general corporate use.
