$NOVN Another stock we did the DD on this weekend - Even though this stock ended up pulling back from its early highs, shares mounted a bit of a recovery on Friday. The initial dip came after Novan announced Aspire Capital had committed to buy up to $30 million of the company’s shares over the next 30 months. The issue wasn’t with the money being raised, but the price it was raised at. As part of the agreement, Novan Tuesday issued nearly 5.6 million shares to Aspire priced at $0.90, representing a 27% discount to its last closing price. The company will host a live audio webcast of its 2020 Annual Meeting of Stockholders. Recently, Novan has pushed for shareholders to support Proposal 2 of its previously filed proxy statement. This is specific to a reverse stock split of between 1:2 and 1:15. I supposed we’ll see what happens on Tuesday. With Friday’s reversal, NOVN stock has begun approaching its 200 Day Moving average again. Follow us for more insights and updates on top stocks!
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