Galecto shares shares are trading lower. The company issued 62,594 shares of common stock and 160,562 of preferred convertible shares to Bridge Medicine as part of their acquisition for the rights to BRM-1420.
Portfolio Pulse from Benzinga Newsdesk
Galecto's shares are trading lower following the issuance of new common and preferred convertible shares to Bridge Medicine as part of an acquisition deal for BRM-1420 rights.
October 07, 2024 | 1:48 pm
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Galecto's stock is experiencing a decline due to the issuance of new shares to Bridge Medicine, which is part of an acquisition deal for BRM-1420 rights.
The issuance of new shares typically dilutes existing shareholders' value, leading to a decrease in stock price. This is evident as Galecto's shares are trading lower following the announcement of the share issuance to Bridge Medicine.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100