Inotiv tumbles on pricing stock offering

Inotiv

18/12/2024 13:22

** Shares of contract research firm Inotiv  NOTV.O  down 18%
premarket to $4.55 after overnight follow-on prices
** West Lafayette, Indiana-based co sells 6 mln shares at $4.25,
which equates to $25.5 mln gross raise
    ** Offering price represents 23.4% discount to stock's last
close
** After the bell Tues, NOTV filed for $20 mln offering with
Lake Street Capital as sole bookrunner
    ** Co to use net proceeds for working capital, capex and
other general purposes
    ** With ~26 mln shares outstanding, co has ~$144 mln market
cap
    ** Through Tues close, shares have more than tripled over
the past three months and are up 51% YTD

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380 ))