Why Is Sonendo (SONX) Stock Up 15% Today?

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Sonendo (NYSE:SONX) is trending higher on Friday as investors react to a Private accommodation worth $63 million of its ordinary shares.

As stated in the press release, several returning and new investors participated in the private placement. They include “Pura Vida Investments, First Light Asset Management, Blue Water Life Science Advisors, ArrowMark Partners, Driehaus Capital Management and JMR Capital.”

Sonendo notes that this purchase agreement covers a total of 23,045,536 SONX shares. Shares were valued at 95 cents during this private sale.

In addition, the offer also includes pre-funded warrants to purchase a total of 43,315,846 SONX shares. These warrants have a price of $0.949 per share and an exercise price of $0.001 per share. They are immediately viable and remain so until they are completely spoiled.

Bjarne Bergheim, President and CEO of Sonendo, had the following to say about the private offering.

“We are excited to be working with a strong and respected group of investors on this financing. This funding significantly strengthens our balance sheet and allows us to continue to improve patient care and provide innovative products focused on saving teeth. Enhancing Lives™.”

What will SONX do with the money?

Sonendo already has plans for private placement funds. It intends to use them for commercialization efforts, expansion of its product portfolio, working capital and other general corporate purposes.

Due to heavy trading, SONX stock is up today with about 11 million shares on the move. For the record, the company’s daily average trading volume is approximately 115,000 shares.

SONX shares were up 14.7% Friday morning.

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On the date of publication by William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.

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