Autonomix Medical Inc. (NASDAQ:AMIX) shares surged 116.57% in after-hours trading Monday after the company announced a $4.9 million warrant inducement.
The stock closed Monday’s regular session up 1.90% at $5.37. It then climbed 116.57% to $11.63 in after-hours trading.
Autonomix Medical is a medical device company focused on developing technologies for precision nerve-targeted treatments.
$4.9M Warrant Inducement
Autonomix said it entered into a warrant inducement agreement with an investor for the immediate exercise of existing warrants to purchase 857,462 shares at $5.75 per share.
The company expects gross proceeds of approximately $4.9 million before financial advisory fees and estimated offering expenses.
The transaction is expected to close on or about Aug. 26, subject to customary closing conditions.
As part of the agreement, Autonomix will issue the investor Series E-1 and Series E-2 warrants to purchase an aggregate of 1.07 million shares. The new warrants will have an exercise price of $6.25 per share and expire five years after issuance.
Focus on Nerve-Targeted Treatments
Autonomix is developing a catheter-based microchip sensing array designed to detect and differentiate neural signals with greater sensitivity than currently available technologies.
The company is initially developing the platform for pain treatment, with early trials focused on pancreatic cancer. It said the technology could also have applications in cardiology, hypertension and chronic pain management.
The company said its technology is investigational and has not yet been cleared for marketing in the U.S.
Price Action
Autonomix Medical has a market capitalization of $5.21 million, with a 52-week high of $32.55 and a 52-week low of $2.44.
AMIX shares are down 74.93% over the past year.
Benzinga’s Edge Stock Rankings indicate that AMIX stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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