Trinity Biotech plc (NASDAQ: TRIB) shares appeared to continue their upward trend in the early hours of the current trading day, building on the previous session’s gains. TRIB shares increased 6.38% to $3.50 in pre-market trading, following a strong 19.20% advance the previous day, when they ended at $3.29. This bullish trend is largely attributed to a significant equity movement disclosed in an SEC filing last Friday.
At The Market Offering Agreement
Trinity Biotech disclosed in an SEC filing that on July 12, 2024, it engaged into an At the Market Offering Agreement with Craig-Hallum Capital Group. This Sales Agreement allows Trinity Biotech to sell up to $5,500,000 in American Depositary Shares (ADS). Each ADS will be representing 20 of the Company’s Ordinary Shares having a par value of $0.0109 per share. These sales will be conducted periodically through Craig-Hallum, acting as the sales agent.
Top 5 AI Stocks to Buy for 2023
The artificial intelligence (AI) revolution is already here. And it's about to change everything we know about everything.
According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030. And investors like you always want to get in on the hottest stocks of tomorrow. Here are five of the best ways to profit from the AI boom.
Click Here to Download the FREE Report.
Sponsored
Trinity Biotech retains the authority to set the parameters for these ADS sales, including price, timing, and size limits, among other customary conditions. Craig-Hallum is obligated to use commercially reasonable efforts to sell the ADSs as directed by the Company. Furthermore, Trinity Biotech has consented to provide Craig-Hallum the normal indemnity rights and will commission 3.0% of the gross sales price of ADSs sold in accordance with this agreement.
Technological Developments
Trinity Biotech recently reported that company is getting closer to releasing its next-generation continuous glucose monitoring (CGM) system, which is a major business breakthrough. Since obtaining the CGM technology at the beginning of the year, the company has concentrated on improving and developing the original apparatus.
In order to prepare for a bigger pivotal study that is necessary for product registration and marketing, the company has now obtained regulatory clearance to begin its first pre-pivotal trial in Europe. This pre-pivotal experiment is scheduled to begin in the near future and should be finished by the end of July.
The trial will evaluate the analytical performance of the CGM technology enhancements made by Trinity Biotech. The data gathered from this assessment will be crucial for the technical optimization of the next-generation CGM device, ahead of the pivotal trial planned for 2025.
