Denise Carter, the Chief Operating Officer of Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX), recently made significant purchases of the company's stock. According to a filing with the Securities and Exchange Commission, Carter acquired 555,556 ordinary shares at a price of $0.45 per share on December 23, 2024. This transaction amounted to a total value of $250,000. The purchase comes at an interesting time for the micro-cap pharmaceutical company, which currently has a market capitalization of just $2.82 million and maintains a strong liquidity position with a current ratio of 3.02, according to InvestingPro data.
In addition to purchasing ordinary shares, Carter also acquired Series F and Series G Warrants, each representing the right to buy an equivalent number of shares. These warrants were part of the company's public offering that closed on the same day. Both Series F and Series G Warrants were priced similarly at $0.45 per share, with immediate exercisability subject to a beneficial ownership cap. Following these transactions, Carter holds a substantial position in Quoin Pharmaceuticals, reflecting her confidence in the company's future prospects despite the stock's significant volatility. InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $1.50 to $10.00 per share. Discover more insights and 8 additional ProTips for QNRX in the comprehensive Pro Research Report.
In other recent news, Quoin Pharmaceuticals has set the terms for a public offering of securities, expecting to generate gross proceeds of about $6.8 million. The offering comprises ordinary shares represented by American Depositary Shares and warrants for additional shares. The company plans to use the net proceeds for general corporate purposes. Maxim Group LLC is serving as the placement agent for the offering.
Quoin Pharmaceuticals has also been granted an additional 180-day period by The Nasdaq Stock Market to meet its minimum bid price requirement. The company is actively exploring options to regain compliance with Nasdaq's listing requirements.
The company has made significant advances in its Netherton Syndrome study, with the U.S. Food and Drug Administration approving an additional clinical study. Quoin also announced amendments to shareholder rights and adjustments to executive compensation programs, approved by the shareholders.
These are recent developments in the company's operations. Remember, these facts are based on past articles and do not constitute a comprehensive view of the company.
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