Regentis Biomaterials Stock Falls Premarket After 506% Surge on Scrapped Share Offering
Regentis Biomaterials Ltd. shares turned lower in early Tuesday trading after a huge Monday rally that was driven by the removal of a near-term share-sale overhang. RGNT closed June 15 at $9.40, up 506.45% on the day, before Google Finance showed the stock indicated at $6.80 in premarket trading, down 27.66%. The same quote page listed an intraday high of $15.50, a low of $1.69 and a market capitalization of about $48.69 million, underscoring how thinly traded small-cap biotech and medtech names can swing sharply when news changes the supply-demand picture for shares. The move came after Regentis said in a June 15 SEC filing that it had requested withdrawal of its Form F-1 registration statement and “determined not to pursue the public offering” tied to that filing. A Form F-1 is the SEC registration document used by many non-U.S. companies when they plan to sell securities to U.S. investors. The withdrawn prospectus had contemplated an offering of 3,333,334 ordinary shares at an assumed $3.00 per share, with an underwriter option for up to 500,000 additional shares.
