Regentis Biomaterials Jumps After Firm Scraps Public Offer
Shares of Regentis Biomaterials Ltd. jumped on NYSE American Monday after the company said in an SEC filing it's withdrawing its Form F-1 registration. The form allows foreign firms to list in the U.S., but Regentis said the offer won't go forward and no shares were sold because the F-1 wasn't effective. RGNT traded up about 677% at $11.65. The session saw the stock swing between $1.51 and $15.43 and over 161 million shares changed hands. Regentis shares surged as traders put aside fears tied to a possible share sale. The company had filed May 1 to sell 3,333,334 ordinary shares at $3.00 each, plus an option for underwriters to buy another 500,000. Such a move often dilutes existing investors. That pressure eased, drawing buyers back in. RGNT was up more than 850% at one stage Monday, Stocktwits said, noting a spike in retail chatter in the previous day.
