Medical device company Senseonics Holdings Inc (NYSE: SENS) has come into sharp focus among investors over the past month and has rallied by as high as 425% as investors continued to pile on to it.
The stock received another significant boost last week after the company announced that it was doubling its $50 million share offering. Last Thursday, the company announced that due to higher demand, it is going to double the offering and raise $100 million.
Senseonics is going to offer as many as 52 million shares of its common stock at under $2 each and raise $100 million in gross proceeds. The offering is going to close tomorrow.
The fresh capital is going to be deployed towards corporate purposes and also for the product as well as clinical development by Senseonics. In addition to that, some of the money is going to go towards the company’s continuing work with Ascencia Diabetes Care.
Finance and Entertainment Reporter
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