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Second Sight Medical Products Inc. (EYES) stock surged in the premarket trading session; here’s why

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In the premarket trading session, we observe that Second Sight Medical Products Inc. (EYES stock) shares had surged by 17.59% to trade at the price of $5.08 last check. EYES stock had previously closed the session on Thursday whilst gaining 12.21% at a share price of $4.32. The EYES stock volume traded 12.36 million shares, while for the past 50 days the average daily volume trade was 6.46 million shares. In the past year up-to-date EYES shares have jumped up by 348.78% and in the past week, the shares climbed 12.21%. In the past three and six months, the EYES stock had shed -40.98% and added 117.09% respectively. Furthermore, the EYES stock is currently valued in the market at $164.68 million and has 23.54 million outstanding shares.

All you need to know about Second Sight Medical Products’ as a company

Second Sight Medical Products is as the company name suggests a medical devices company. EYES stock focuses on the development and marketing of visual prosthetics that are implantable. These product offerings of Second Sight Medical Products are aimed to provide artificial vision to blind individuals. This means that the company targets the market of blind individuals in an effort to bridge the gap of visual impairment. The platform of operations it has created for this market provides technologically innovated products for sight-impairment. The company’s product offering includes Orion Visual Cortical Prosthesis System, an embedded cortical incitement gadget, which is proposed to give valuable fake vision to people who are visually impaired because of different causes, including glaucoma, diabetic retinopathy, optic nerve injury or sickness, and eye injury. The organization was established in 1998 and is settled in Sylmar, California.

Closing of underwriting for the 10 million shares of EYES stock announced by the company

On 23rd June 2021, Second Sight Medical Products, Inc. announced that it made a public offering price for its underwritten offer of 10 million shares of common EYES stock. The pricing was set at $5.00 per share which totaled the whole public offering to a value of $50 million. This, of course, is separate from the underwriting discounts and commissions along with other expenses that will take place from this gross proceeds.

The company is creating and developing its Orion Visual Cortical Prosthesis System and has stated capital funding for this to be the primary reason for expanding the gross proceeds from the public underwritten offering.

The underwriting also includes the granting of a 45-day option for the purchase of an additional 1.5 million share of common EYES stock. This is done with the intention to cover over-allotments. It is clear by the indication of the company’s intent for the gross proceeds that this offering was made solely by the company.

The closing of this underwriting took place on 25th June 2021, along with satisfactory compliance of customary closing conditions. The company had appointed ThinkEquity as the sole book-running manager for the offering. ThinkEquity is a division of Fordham Financial Management Inc.

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