On Friday, Beyond Air (NASDAQ:XAIR) remained among the day gainers losers and traded with change of 1.64% on volume of 185374 shares in the last session as compared to average volume of 80974 shares. During last trade its minimum price was $3.56 and it gained highest price of $3.85. XAIR has total market capitalization of $48497120. Its closing value stands at $3.71.
On Dec. 09, 2019, Beyond Air (NASDAQ:XAIR) a clinical-stage medical device and biopharmaceutical company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with respiratory conditions including serious lung infections and pulmonary hypertension, declared that it intends to offer and sell shares of its common stock in an underwritten public offering. The Company intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15 percent of the number of shares to be issued and sold in the public offering. The public offering is subject to market and other conditions and there can be no assurance as to whether or when the public offering may be completed, or as to the actual size or terms of the public offering.
Concurrently with the completion of the public offering, the Company expects to sell to certain investors in a private placement, a number of shares of common stock equal to an aggregate purchase price of up to $2.0 million, at the public offering price per share and subject to rounding.
The Company intends to use the net proceeds received from the public offering and concurrent private placement for working capital and general corporate purposes, which may include clinical studies required to gain regulatory approvals, including in new indications for LungFit™, implementation of adequate systems and controls to allow for regulatory approvals, further development of the LungFit™ for use in the home, investing in or acquiring companies that are synergistic with or complimentary to the Company’s technologies, and licensing activities related to the Company’s current and future product candidates.
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