Why SeaStar Medical Holding Company Stock Is Soaring

SeaStar Medical Holding Corporation ICU shares are trading higher Friday after the company announced it notified the SEC that it is requesting to withdraw its registration statement because it has elected not to pursue the sale of securities at this time.

The Details:

According to SEC documents, SeaStar Medical has requested to withdraw its registration statement filed on Sept. 5 because the company has elected not to pursue the sale of securities due to current market conditions. 

The FDA granted SeaStar Medical's Selective Cytopheretic device a breakthrough device designation for hepatorenal syndrome on oct. 16, and the stock has gained nearly 500% over the last month. 

Shares of ICU are up on heavy trading volume Friday. According to data from Benzinga Pro, more than 23.8 million shares have already been traded in the session, compared to the stock's 100-day average of 13.209 million shares.

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ICU Price Action: According to Benzinga Pro, shares are up nearly 30% at $1.03 at the time of publication.

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