CNS Pharmaceuticals, Inc. (CNSP) rose 35.55 percent to $1.64 on Monday following news of a $5 million public offering. The company priced 3.95 million shares at $1.265 each, along with Series F warrants exercisable at $1.14. The offering is expected to close around May 14, pending customary conditions.
Shares opened sharply higher at $2.44 and traded between $1.57 and $2.90 during the session, with volume soaring to 84.2 million well above the average of around 497,000 on the Nasdaq. The stock previously closed at $1.21 and has ranged between $0.772 and $800.00 over the past year.
Proceeds from the offering will support working capital and general corporate activities, bolstering investor sentiment around the company's ongoing cancer treatment development programs.
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