India, July 21 -- Shares of SAB Biotherapeutics, Inc. (SABS) soared 82% to $4.69 on Thursday following the announcement of a $175 million private placement backed by leading institutional and strategic investors, including Sanofi, RA Capital Management, and Commodore Capital.
The stock opened at $3.49, up from the prior close of $2.57. Trading volume was over 50 million shares, compared to average daily volume of under 48,000 shares.
SAB Biotherapeutics will raise up to $175 million in gross proceeds upfront, with the potential for an additional $284 million through warrants, if fully exercised.
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Under the terms of the agreement, the company will issue 1...