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MELBOURNE - Propanc Biopharma, Inc. (NASDAQ:PPCB), a biopharmaceutical company focused on novel cancer treatments, announced Tuesday it has closed its underwritten public offering of 1,000,000 shares of common stock at $4.00 per share. The company, currently valued at $36.2 million, maintains a healthy financial position with a current ratio of 2.24, indicating strong short-term liquidity.
The company’s shares began trading on the Nasdaq Capital Market on August 15 under the ticker symbol PPCB. The offering generated $4 million in gross proceeds before deducting underwriting discounts and related expenses. According to InvestingPro data, the stock has shown significant price volatility, with strong returns over the past three months despite historical fluctuations.
Propanc has granted the underwriters a 45-day option to purchase up to an additional 150,000 shares at the public offering price, less underwriting discounts. The initial offering closed on Monday.
D. Boral Capital LLC and Craft Capital Management LLC served as book running managers for the offering. The U.S. Securities and Exchange Commission declared the registration statement effective on August 13.
Propanc Biopharma is developing treatments that use pancreatic proenzymes to target cancer stem cells in patients with pancreatic, ovarian, and colorectal cancers, according to the company’s press release statement.
The offering represents a significant milestone for the Australia-based company as it transitions to a Nasdaq-listed entity. Brunson Chandler & Jones PLLC represented Propanc in the transaction, while Sichenzia Ross Ference Carmel LLP acted as counsel to the underwriters.
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