Why Has The Aziyo (AZYO) Stock Price Gained 12% In Pre-Market Session?

Aziyo Biologics Inc. (NASD: AZYO), which just completed a public offering, is soaring on the charts today, up 11.98% to trade at $4.30 at the last check in pre-market trading.

Which public offering did AZYO just close?

Aziyo (AZYO) disclosed the pricing of its underwritten public offering of 2,350,000 shares of its common stock last week. The public offering price, before underwriting discounts and fees, was set at $4.75 per share.

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The underwriter was also given a 30-day option by Aziyo to buy up to 352,500 additional shares of its common stock for the price per share of the public offering, minus underwriting discounts and fees. Before subtracting underwriting discounts, commissions, offering costs that AZYO is responsible for, and assuming no exercise of the underwriter’s option to acquire further shares of common stock, the total proceeds from the public offering will be $11.2 million. AZYO will sell each and every share offered in the offering.

As the only book-running manager for the offering, Cantor Fitzgerald & Co. executed the offerings. AZYO plans to increase its product development and clinical research operations, recruit more salespeople to support product launches, and utilize the remaining net proceeds of the offering to pay for working capital and other general business reasons. The closure of the offering at the time was anticipated to take place on or around December 5, 2022, subject to the usual closing requirements.

AZYO saw a change in management:

Recently, Aziyo (AZYO) announced significant promotions and new hiring that strengthen its position as a pioneer in treatment alternatives for patients undergoing surgical procedures and implanted medical devices. Sonali Fonseca, Ph.D., was appointed Vice President and General Manager of Orthobiologics and Emerging Business, while Courtney Guyer was elevated to Vice President and General Manager of the Women’s Health division. Erica Elchin was hired as Vice President of Global Operations, while Jeff Hamet was promoted to Senior Vice President of Finance.

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