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Investing.com -- Hyperfine Inc (NASDAQ:HYPR) stock tumbled 42.5% on Thursday after the company priced its previously announced public offering at a significant discount to its previous trading price.
The medical device company announced it has priced an underwritten public offering of 14 million shares of its Class A common stock at $1.25 per share. The gross proceeds from the offering are expected to be approximately $17.5 million before deducting underwriting discounts, commissions, and other offering expenses.
Hyperfine has also granted the underwriter, Lake Street Capital Markets, LLC, a 30-day option to purchase up to an additional 2.1 million shares, representing 15% of the total offering, at the same public offering price.
The company intends to use the proceeds for working capital and general corporate purposes, including commercial activities, manufacturing, and research and development initiatives. The offering is expected to close around October 17, 2025, subject to customary closing conditions.
The steep discount in the offering price compared to Hyperfine’s previous trading level appears to be driving the significant sell-off in the stock, as existing shareholders face potential dilution at the lower valuation.
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