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Investing.com -- Apimeds Pharmaceuticals US, Inc., a clinical stage biopharmaceutical company known for developing Apitox, a bee venom-based toxin with potential therapeutic effects, began trading on the New York Stock Exchange today. The shares, trading under the ticker symbol NYSE American: APUS, were priced at $4 per share, matching the company’s initial public offering (IPO) price.
The IPO involved the sale of 3,375,000 shares of common stock. Before accounting for underwriting discounts, commissions, and other expenses related to the offering, Apimeds expects to receive gross proceeds of $13.5 million.
In addition to the IPO, Apimeds has provided the underwriters with a 45-day option to purchase up to an extra 506,250 shares of common stock at the public offering price, less underwriting discounts. The company has also issued warrants to the underwriters, allowing them to purchase up to 168,750 shares of common stock. This number could increase to 194,063 shares if the over-allotment option is fully exercised. These warrants can be used during a four and a half-year period starting 180 days after the closing of the offering.
D. Boral (OTC:BOALY) Capital LLC is acting as the sole book-running manager for the offering.
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