The OncoSec Medical Inc (NASDAQ: ONCS) stock price soared 102.78% after asking the U.S. Securities and Exchange Commission (SEC) to withdraw its registration statement as it had decided not to proceed with the share issue.
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The company initially wanted to issue 6.19 million shares and had filed a registration statement with the SEC at the beginning of February. Investors cheered the news, which indicates that the company is not desperate to attract cash from investors.
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Today’s rally is a clear vote of confidence by the markets in OncoSec’s prospects after the company pulled its registration statement without issuing any of the shares as planned. Over 6.61 million OncoSec shares had changed hands at writing.
The company has a history of not making many announcements, which makes it hard for investors to keep up with its inner working, given the few releases it makes each year. Still, today’s rally shows that investors are highly interested in the firm’s share price.
OncoSec’s last significant announcement was in December 2022, when it revealed that it would present at the RHK Capital Disruptive Growth Conference in New York City. The February registration statement to sell 6.19 million shares came after the December announcement, followed by yesterday’s SEC filing.
Furthermore, the company raised $3.5 million by issuing new shares on December 1, 2023. Still, investors' significant interest in OncoSec Medical shares led to over 6.61 million shares changing hands at publishing.
Many investors hope today’s rally will translate into a sustained rally over the next few days and maybe weeks.
*This is not investment advice.
OncoSec Medical (ONCS) stock price.
The OncoSec Medical (ONCS) stock price soared 102.78% to trade at $2.19, from Tuesday’s closing price of $1.08.
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