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Investing.com -- Inspire Veterinary Partners Inc (NASDAQ:IVP) stock fell 2% after the pet health care services provider announced a new convertible preferred stock transaction valued at up to $10 million.
The company said the consideration for the securities purchase agreement consists of a combination of cash and transferred securities, valued at $1.00 per share. The gross proceeds are expected to include $6 million from the investment of cash and securities at the first closing, with up to $4 million potentially funded at additional closings at the investors’ discretion.
Inspire Veterinary Partners intends to use the proceeds for general working capital and acquisitions of additional veterinary practices. The funds will also help address current Nasdaq deficiencies regarding shareholders’ equity and extend the company’s operational runway.
"As communicated earlier in 2025, the team at IVP is executing on our growth strategy and this offering helps to facilitate our objectives," said Kimball Carr, President, Chairman and CEO. "With new acquisitions onboarded and record clinical hiring this year, I could not be prouder of our team for the continued progress being made across all departments within IVP."
The company noted that the announcement does not constitute an offer to sell or solicitation to buy these securities, and no sales will occur in jurisdictions where such transactions would be unlawful without proper registration or qualification.
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