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Neptune Wellness Solutions Inc. (NEPT) Stock Surged 31.20% Today, Here’s Why

Neptune Wellness Solutions Inc. (NEPT) stock soared 31.20% in the current-market trading session at the price of $0.27 despite no fundamental reason. Neptune, located in Laval, is a diversified health and fitness corporation with a vision to transform individuals’ wellbeing.

NEPT Closed Direct Offering

On 14th March 2022, NEPT reported the closure of its earlier announced direct offering of 18,500,000 common shares and 6,500,000 pre-funded warrants. Each offered share and warrant had sold jointly at a public price of $0.32.

The company earned $8.0M in gross proceeds from offering before subtracting agent’s fees and other offering expenses. NEPT expects to utilize the net proceeds for its working capital and general business purposes.

The Series A warrants are exercisable six months after the closure and will expire five and half years following the issuance. The Series B warrants are exercisable six months after the closure and expire three years after the issuance date.

NEPT Issued Shareholder’s Letter

Earlier on 10th March 2022, NEPT released a letter for stakeholders from board’s Chair Julie Phillips, CEO Michael Cammarata, and Acting CFO Randy Weaver.

In the letter, the company stated the reason behind increasing additional equity via the direct offering with a strategic institutional investor. This action, combined with continued amendments in NEPT’s financial and operational decision-making, will improve the long-term prospects for shareholders.

The letter states that NEPT keeps exploring further financing opportunities, including debt. The management expects to come to terms with lenders that will raise cash proceeds to roughly $25M. It will supplement the company’s existing cash position.

NEPT Launched Multi Omega

Previously on 8th March 2022, NEPT launched forest remedies multi omega, an inventive supplement extracted from Ahiflower oil, in Sprouts Market. The multi-omega supplements possess a balanced diet of 100% plant-originated omega 3-6-9 fatty acids to sustain brain, heart, joints, and skin health with no displeasing fish smell. The forest remedies products also come up in plastic-free compostable packaging.

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