HomeInvesting NewsPaxMedica Will Make Its Nasdaq Debut Following a Scaled-Down $8.1 Million IPO

PaxMedica Will Make Its Nasdaq Debut Following a Scaled-Down $8.1 Million IPO

Published on

PaxMedica (NASDAQ:PXMD)

On Friday, PaxMedica (NASDAQ:PXMD) revealed the price of its re-filed IPO, which included the issuance of 1.54 million shares priced at $5.25 apiece, at $8.1 million. The sole company issuing shares is PaxMedica (PXMD). A 45-day option to purchase an additional 231,818 shares of PaxMedica’s common stock at the IPO price, less underwriting discounts and costs, has also been granted to the underwriters.

On August 26, 2022, the shares are anticipated to start trading on the Nasdaq Capital Market under the ticker symbol “PXMD.” The closing of the offering is anticipated to occur on or around August 30, 2022, subject to the usual closing requirements.

Representatives for the offering are R.F. Lafferty & Co. Inc., and Craft Capital Management LLC. The most recent plan of PaxMedica, which first filed for an IPO in July 2020, was to generate $16 million by selling 2.5 million shares and warrants at a price between $5.50 and $6.50. The company renewed its preparations for an IPO with a new blank file this past January and announced new terms earlier this month after not revising its prospectus since September 2020. Additionally, an overallotment option to buy up to 232K additional shares has been granted to the underwriters.

PaxMedica trades on the Nasdaq as PXMD

PaxMedica, situated in Woodcliff Lake, New Jersey, is creating therapy options for various neurodevelopmental problems. It was established to enhance initiatives based on anti-purinergic therapy for neurodevelopmental conditions such autism spectrum disorder and Fragile X syndrome tremor-ataxia as well as East African HAT. The business had originally targeted a $15 million IPO deal for mid-2020. 

According to the company’s updated registration statement, its shares will start trading on Nasdaq on August 26, 2022, under the ticker code “PXMD.” On August 30, 2022, the offering is anticipated to close. PaxMedica Refiles Terms For Smaller IPO by Donovan Jones on the Seeking Alpha marketplace stated that “PXMD has made significant headway on its main candidate, but the business is thinly capitalized and is still an ultra-high risk.”

Featured Image:  Megapixl @Prykhodov

See Disclaimer Please

Latest News

Fubo Stock Rises as a Wedbush Analyst Upgrades the Company’s Ratings.

Following a recommendation to buy from Wedbush analyst Michael Pachter, FUBO stock (NYSE:FUBO) climbed...

Why Is FedEx Stock Rising?

FedEx Stock (NYSE:FDX) is increasing in value on Thursday afternoon following the company's announcement...

What Happened to the SPY Stock After the Fed’s Aggressive Rake Hike?

The SPY stock (NYSEARCA:SPY) has been in a slump since failing to reclaim the...

Ford Motor Company Launches Its Colossal Bet Against GM and Tesla

By 2026, the Dearborn carmaker intends to create 2 million electrified cars. The construction of...

More like this

Ford Stock Continues to Drop as the Company Looks to Build a $5.6 Billion Electric Vehicle-Focused Factory

Ford stock was trading at $12.05 as of 02:13 PM EDT on Friday. On Friday,...

BABA Stock Drops, to Invest $1 Billion Next 3 Years to Increase Cloud Customers

BABA stock price was at $78.81 on Friday at 03:59 PM EDT  After announcing plans...

Netflix Inc CFO Quits After 4 Months for $2.4 million

Netflix Inc (NASDAQ: NFLX) is looking to hire a new chief accounting officer following...

FedEx Stock Slides as Deutsche Bank Expresses Skepticism on Cost-Cutting Initiative

FedEx stock $148.71 as of 01:28 PM EDT. FedEx stock (NYSE:FDX) rose ahead of Thursday's...

Tesla Stock Slides, IEA Expects EV Sales to Make Up 60% Of All New Car Sales

Tesla Stocks (NASDAQ:TSLA) was at $276.15 as of 01:10 PM EDT. Investors in electric vehicles...

Apple Stock Slumps as It Replaces Pepsi as the Sponsor of the Super Bowl Halftime Show

Super Bowl Halftime Show, What this means for Apple Stock Apple (NASDAQ:AAPL) and the National...