The Minerva Surgical Inc (NASDAQ: UTRS) stock price surged 68.4% despite the lack of significant releases from the company. The move higher during premarket trading could be attributed to renewed investor interest in the project.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The company specialises in treating the root causes of Abnormal Uterine Bleeding (AUB) and sells a complete suite of devices targeted at treating the disease. The company claims to be the only one that offers a comprehensive suite of solutions for AUB.
Top Broker Recommendation
- eToro Top stock trading platform with 0% commission – Read our Review
- Tickmill Regulated by the FCA – Read our Review
- Admirals (Admiral Markets) More than 4500 stocks & ETFs available – Read our Review
- Spreadex Spreadex has been around for a long time – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Minerva’s singular focus on minimally invasive intrauterine treatments means it is uniquely positioned, powered by its cutting-edge technological advancements in gynecologic surgery. Given the lack of recent announcements, we must look at the firm’s past releases.
The company’s last significant announcement was in late December when it revealed that its long-term CEO David Clapper, who had led the company since 2011, was retiring. The firm appointed Todd Usen as its President and CEO. Todd also joined the company’s board as a director.
A day before the retirement of its former CEO, Minerva had raised $30 million via a private placement of 146,627,565 shares of its common stock priced at $0.2046 each. The funding was led by AccelMed, which became the company’s controlling shareholder.
Piper Sandler ran the private placement as the sole placement agent. Minerva Surgical raised $30 million in gross proceeds before deducting the fee payable to the placement agent. The placement was expected to close in Q1 2023.
Therefore, it is no surprise that Minerva’s former CEO resigned a day after the placement, which made AccelMed the company’s controlling shareholder. I imagine the new lead investor would want the firm to be run by someone they trust. AccelMed will also have the opportunity to name most of the directors on Minderva’s board.
Over 4.91 million Minerva shares had changed hands at the time of writing as retail investor interest in the company soared. The move higher could be a late reaction to the company’s December announcements.
*This is not investment advice.
Minerva Surgical (UTRS) stock price.
The Minerva Surgical (UTRS) stock price surged 68.47% to trade at $0.64, rising from Wednesday’s closing price of $0.38.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.