BrenX Enters Sales Agreement with A.G.P. for $2.89M ATM Offering
BRNX is trading near its 52-week low of $1 (2.0% above the low) on light trading volume (0.2× avg).
Summary
BrenX has entered a sales agreement with A.G.P. to sell ordinary shares through an at-the-market offering of up to $2.89 million. This follows the company's recent SEC filings disclosing the ATM program, but this is the first news report naming A.G.P. as the sales agent. The offering is highly dilutive relative to the company's market cap of approximately $2.08 million and comes amid a going concern warning and zero revenue. The stock is trading near its 52-week low of $1.00, and the additional share issuance will further pressure the share price.
At the time of this announcement, BRNX was trading at $1.02 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.1M. The 52-week trading range was $1.00 to $392.70. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.