Monday, October 18, 2021

Osmotica Pharmaceuticals plc (OSMT) Stock Plummeting in Premarket

Osmotica Pharmaceuticals plc (OSMT), an integrated biopharmaceutical company, has declined 22.88% in the premarket trading session. As a result, OSMT stock is changing hands at $2.36 at the time of this writing. The decline has come after the company announced the pricing of ordinary shares public offering. On Wednesday, OSMT stock closed the day at $3.06.


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OSMT announced the pricing of the public offering

On Wednesday, OSMT announced the pricing of its previously announced underwritten public offering 14,000,000 ordinary shares as well as warrants purchasing up to 14,000,000 ordinary shares of the company at a public offering price of $2.50 per share and an accompanying share. The warrants had an exercise price of $3.10 per share and were exercisable immediately. The warrants would have to expire three and a half years from the date of issuance. The company had granted the underwriter a 30-day option for the purchase of about 2,100,000 additional ordinary shares. Apart from that, the company also granted the option for the purchase of additional warrants for the purchase of 2,100,000 ordinary shares at a public offering price per share and per warrant respectively minus underwriting commissions and discounts. H.C. Wainwright & Co. was serving as the sole book-running manager for that offering. The estimated gross proceeds from the offering could be $35 million. The offering is expected to close on 12th October.

OSMT Q2 2021 financial results


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On 16th August, OSMT reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June. According to those, the company had cash and cash equivalents of $99.77 million on 30th June. The total assets in possession of the company stood at $335.01 million, while total liabilities were $266.55 million. The company generated a revenue of $11.51 million during the quarter, whereas, during the second quarter of 2020, the revenue stood at $0.23 million. The gross profit for the period remained at $10.80 million, while during the equivalent period of 2020, the gross profit was $27,000. The total operating expenses for the period remained at $30.97 million. During the comparative period of 2020, the total operating expense was $17.29 million. The net loss posted by the company during the period remained at $17.72 million, while during the equivalent period of 2020, the net loss remained at $12.99 million. The net loss per basic and diluted share was $0.28, while for an equivalent period of 2020, it was $0.22.

Future for OSMT?

The last few days have proved to be outstanding for OSMT stock, as evident from the 8% gain in OSMT stock during the last week. For analysts, OSMT tends to grow its business potential in the coming months, based on the resilience shown by the company during tough times. So, potential investors should keep a close eye on OSMT stock.

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