Ocugen Skyrockets On $23M Capital Raise Issued At 46% Premium

Ocugen Inc (NASDAQ: OCGN) rises sharply after announcing the sale of 3 million common shares at $7.65 per share in a registered direct offering, with gross proceeds of $23 million. The offer price represents a premium of 46% on the last close price of $5.25 on Friday.
The offering is expected to close on or about February 10.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
See also: Best Biotech Stocks Right Now
Ocugen expects to use the proceeds for general corporate purposes, capital expenditures, working capital, and general and administrative expenses.
Ocugen and Bharat Biotech entered into a definitive agreement to co-develop, supply, and commercialize Bharat Biotech's Covaxin, an advanced stage whole-virion inactivated Covid-19 vaccine candidate, for the U.S. market.
Last week, the stock rallied on an upgrade from H.C. Wainwright from neutral to buy and a $4.50 price forecast. The analyst cheered Ocugen's recent deal with India-based vaccine developer Bharat Biotech to potentially bring Covaxin, a COVID-19 vaccine candidate, to the U.S. market. Ocugen will retain 45% of the profits. In December last, both the parties had signed a binding letter of intent to co-develop Covaxin for the U.S market.
Price Action: OCGN soared as much as 71% at $8.96 in the premarket session on the last check Monday.