AEterna Zentaris Inc. (USA)(NASDAQ:AEZS) reported that The Toronto Stock Exchange has approved amendment to its outstanding Series ‘B’ Common Share Warrants agreed to with the holders of nearly 90% of the Series B Warrants holders. They were planned to mitigate the dilutive effect of the Series B Warrants exercise by defining a limit on the count of shares issuable upon “Net Cashless Exercise” of the Series ‘B’ Warrants until November 17, 2015 and by restricting the count of shares that the agreeing Holders may offer until October 9, 2015.
In approving the amendment to Series ‘B’ Warrant, Toronto Stock Exchange relied on the exemption established in Section 602.1 of the AEterna Manual available to entitled Interlisted Issuers, since AEZS common shares are listed on the NASDAQ exchange and features less than 25% of the total trading volume of company’s listed securities recorded on all Canadian marketplaces in the last one year immediately preceding the application date.
As of September 25, nearly 8.2 million Series ‘B’ Warrants were outstanding, indicating almost 27.6 % of the count originally issued. Additionally, as of September 25, 2015, the count of issued and outstanding common shares of AEterna stood at 447.7 million.
Aeterna Zentaris is active in the field of specialty biopharmaceutical industry. The firm is engaged in development and commercialization of unique therapies in endocrinology, oncology and women’s health. It has three wholly owned indirect and direct subsidiary firms, Aeterna Zentaris GmbH, Zentaris IVF GmbH, a subsidiary unit of AEZS Germany, and Aeterna.
Its lead product candidates are Macrilen, an orphan medication that assess growth hormone deficiency, and zoptarelin doxorubicin, a therapy for endometrial cancer and other types of cancers. In last trading session, the stock price of Aeterna Zentaris gained more than 3% to close the trading session at $0.0881. The market cap stands at $16.40 million.
AEterna Zentaris Inc. (USA) (NASDAQ:AEZS) is not a very liquid stock and the volume pattern has been mute for a very long time now. That is the reason any spike in the volume is noticeable more than any price activity. In the last few sessions, the price has been consolidating in a very narrow range after a sharp rally from $0.025 to $0.13 levels in a single session but the volume has seen a definite surge. The capitulation at the lower levels, especially after so long a downtrend is normal but it has found buyers too.