CYDY Stock: CytoDyn Surges 9% After Filling 8-k This Morning

Over the course of the past year or so, the CytoDyn Inc (OTCMKTS:CYDY) stock has been quite volatile. However, this morning, the late-stage biotech stock has been on an upward move and rallied by 9% so far.

CYDY Stock: CytoDyn Surges 9% After Filling 8-k This Morning

Although there has been no fresh development this morning, it might be a good idea to take a look at development from April 23. The company announced that it signed a new securities purchase agreement by way of which CytoDyn issued a convertible promissory note to Uptown Capital LLC, an accredited investor.

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The note is going to mature in two years and the company has managed to bring a principal amount of $28.5 million at this point. The fresh capital is going to be used by the company for working capital needs. The CytoDyn stock had earlier hit its highest levels of $10.01 a share some time ago but since then it has declined considerably. In light of today’s rally, it might be time to start tracking it again.

CYDY stock is up 9% at $3.05 in the morning session.

Alex Krakowsky

Editor in Chief. Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life