What's Going On With Cosmos Health Stock Today?

Cosmos Holdings Inc COSM shares are trading lower Monday. The stock has been volatile since the company announced a reverse stock split last week. Cosmos also priced a direct offering Monday morning. 

What Happened: Cosmos announced a 1-for-25 reverse stock split last week, which went into effect on Friday. The company also announced that it changed its name to "Cosmos Health Inc."

Cosmos on Monday said it entered into securities purchase agreements with institutional investors for the purchase and sale of 2,828,320 shares of the company's common stock in a registered direct offering. Cosmos will also offer warrants to purchase up to 2,828,320 common shares in a concurrent private placement. The combined purchase price is set at $11.50 per share.

The offering includes participation from CEO Grigorios Siokas, as well as other existing shareholders of the company.

Cosmos is a global healthcare group with proprietary lines of nutraceuticals. It is also a distributor of pharmaceuticals, branded generics, OTC medications and medical devices.

See Also: What's Going On With Moderna Stock Monday?

COSM Price Action: Cosmos shares are down 59% at $9.55 at time of publication, according to Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.