Why Novo Integrated Sciences Stock Is Trading Lower By Over 50%

Novo Integrated Sciences Inc NVOS shares are trading lower by 51.21% to $0.37 Friday morning after the company priced its public offering of 4 million units at $0.50 per unit.

What Else?

Novo Integrated Sciences says the closing of the offering is expected to occur on or about October 18, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $2.0 million.

The company intends to use the net proceeds of the offering for the repayment of debt and general corporate purposes, including for potential future strategic acquisitions.

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According to data from Benzinga Pro, Novo Integrated Sciences has a 52-week high of $3.32 and a 52-week low of $0.61.