Genetic Technologies Limited (GENE) last traded at 1.8200+0.8200 (+82.00%). More than 90,615,447 shares exchanged hands compared to an average daily volume of over 1M shares.
Genetic Technologies Limited announced a $5 million raise through the sale of American Depositary Shares (ADS) to institutional investors. The sale is expected to occur on or about February 7, 2023, subject to customary closing conditions. The news mentions that Genetic Technologies is a global leader in genomics-based tests for health, wellness, and serious diseases. The gross proceeds of the offering are expected to be $5 million, before deducting the placement agent’s fees and other expenses. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
This news can be seen as a positive development for Genetic Technologies, as the additional funding may help the company expand its business and research efforts. However, the actual impact of the announcement on the company’s stock price and overall financial performance remains to be seen.