Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
FG Nexus Inc. (NASDAQ:FGNX), currently trading at $4.30 and showing a market capitalization of $162.6 million, filed a resale registration statement on Form S-3ASR to register 40,000,000 shares of its $0.001 par value common stock underlying pre-funded warrants issued in a recent $200 million private placement, according to a statement released Tuesday. InvestingPro analysis indicates the stock is trading near its 52-week low, with significant potential upside according to its Fair Value model.
As of Tuesday, pre-funded warrants to purchase 3,473,189 shares of common stock have not yet been exercised. The company also reported that it has sold a total of 2,141,658 shares of common stock under its $5 billion at-the-market offering as of the same date. The stock has experienced notable volatility, with InvestingPro data showing a 72.4% decline over the past six months and an average daily trading volume of 430,000 shares.
Following these transactions, FG Nexus reported 39,996,674 shares of common stock issued and outstanding, with a free float of 38,783,043 shares after deducting 1,213,631 shares held by affiliates.
FG Nexus’s common stock and 8.00% cumulative preferred stock, Series A, are listed on The Nasdaq Stock Market LLC under the symbols FGNX and FGNXP, respectively.
This information is based on a press release statement included in the company’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Fundamental Global Inc., which is soon to be renamed FG Nexus Inc., has filed a $5 billion shelf registration statement with the Securities and Exchange Commission. This filing is intended to support the company’s ethereum acquisition strategy. The registration includes an at-the-market offering prospectus covering $4 billion in common stock that may be issued and sold over time. It’s important to note that the shelf registration has been filed but has not yet become effective. As a result, no securities can be sold until the SEC declares it effective. This development marks a significant move by Fundamental Global Inc. as it pursues its strategic objectives.
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