Regencell Bioscience Holdings Ltd (RGC) shares lost 19.73% in the after-hours session on Friday, August 20, 2021, and closed the weekly trading at $15.38 per share. However, in the regular trading session on Friday, RGC stock surged 204.13%.
Let’s have a look at its recent news and developments.
RGC Stock selling update
August 20, 2021, Regencell Bioscience Holdings Limited (RGC) announced that the underwriter of its initial public offering had exercised its option to purchase 325,000 additional ordinary shares at the public offering price of US$9.50 per share to cover over-allotments.
The company is expected to get gross proceeds of 24,937,500, and it will be used to fund the second research study, the Company’s TCM formulae and products, staff salaries, facilities rental, renovations and equipment, product and intellectual property registrations, and working capital and other general corporate purposes.
RGC CEO Letter to Shareholders
On August 05, 2021, Regencell Bioscience Holdings Limited (RGC) released a letter from Yat-Gai Au, Founder and Chief Executive Officer of the Company, discussing the company’s significant milestone achieved so far in 2021.
Recent RGC achievements
- RGC shares began trading on the Nasdaq Capital Market on July 16, 2021, and it received net proceeds of $19.3 million from the initial public offering of 2,300,000 ordinary shares at a public offering price of $9.50 per share.
- The first study of personalized TCM formula showed that ADHD and ASD symptoms were less severe for patients who participated in the study. The company is planning to commence the second phase of the study with the participation of 100 patients in 2nd research study in Hong Kong.
About RGC
Regencell Bioscience Holdings Limited is an early-stage bioscience company that focuses on research, development, and commercialization of Traditional Chinese Medicine (TCM) for the treatment of several neurocognitive disorders and degenerations, specifically Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD).
Conclusion
Well, its massive surge and later loss in the after-hours on Friday is a bit strange. We have only one news available which could either be the reason behind its loss or gains. Let’s see how it commence the new trading week on Monday?
