Scottish biotechnology company TC BioPharm (TCB) saw its shares fall heavily in its first full week of trading as a listed company on the Nasdaq in New York.
TC BioPharm started trading on the Nasdaq on Friday, February 11.
Seeking Alpha reported TC BioPharm shares started trading at $3 after being priced at $4.25 and closed their first session at $2.12 after hitting a high of $3.50.
The Scottish firm’s shares fell in the past week and closed on Friday, February 18, at around $1.43.
TC BioPharm develops “platform allogeneic gamma-delta T cell therapies for cancer and viral indications.”
On Wednesday, February 15, the firm announced the closing of its initial public offering of 4,117,648 American Depositary Shares (ADSs) and warrants to purchase up to 8,235,296 ADSs.
“In connection with the initial public offering, the underwriters have partially exercised their option to purchase an additional 1,235,294 warrants at an exercise price of $4.25 per warrant,” said TC BioPharm on February 15.
“In total, the company received aggregate gross proceeds of approximately $17.5 million, prior to deducting underwriting discounts, commissions, and other offering expenses.
“The issuance and sale of these additional ADSs also closed today.
“Each ADS represents one ordinary share, and each warrant represents the right to purchase one ADS.
“The ADSs and warrants will be separately issued but the ADSs and warrants will be sold to purchasers only in a combination of one ADS and two warrants, for a combined aggregate offering price of $4.25.
“Each warrant will be immediately exercisable for one ordinary share, that will then be deposited with the custodian for the issuance of a corresponding ADS at an exercise price of $4.25 per ADS and expire six years after the issuance date.”
EF Hutton, a division of Benchmark Investments, LLC, acted as sole book-running manager for the offering.