GeoVax Labs shares are trading lower after the company announced it entered into a $8.5 million securities purchase agreement with an institutional investor for the purchase and sale of $17 million shares at $5.00 per share.
Portfolio Pulse from Benzinga Newsdesk
GeoVax Labs shares declined following the announcement of an $8.5 million securities purchase agreement with an institutional investor, involving the sale of 17 million shares at $5.00 each.
August 20, 2024 | 12:15 pm
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GeoVax Labs shares fell after the company announced a securities purchase agreement worth $8.5 million, involving the sale of 17 million shares at $5.00 per share.
The announcement of a securities purchase agreement typically leads to a dilution of existing shares, which can negatively impact the stock price in the short term. The market reacted to this news by trading GeoVax Labs shares lower.
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