Astrotech Corp. (ASTC) stock plunges in the pre-market trading. What has been happening?

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Astrotech Corp. (NASDAQ: ASTC) stock surged by 6.3% at last close whereas the ASTC stock declines by 3.7% at last check in the current market trading followed by no recent news. Astrotech is a research and technology creation and commercialization firm that creates, runs, and scales scalable businesses focused on cutting-edge technology to increase shareholder value. The headquarters of Astrotech is in Austin, Texas.

Recent Past Development

On April 13, 2021, ASTC announced the completion of its previously reported underwritten public offering of 24,885,828 shares of its common stock, including 3,245,977 shares offered in complete exercise of the underwriter’s ability to buy additional shares, at a public offering price of $1.50 per share, excluding underwriting discounts and commissions. After cutting underwriting fees and commissions, as well as Astrotech’s sales costs, the gross proceeds to ASTC from the sale is roughly $37.3 million.

The single book-running manager for the offering was H.C. Wainwright & Co. The gross proceeds of the sale will be used for general corporate needs, working capital, and capital expenses, according to Astrotech.

On April 7, 2021

BreathTech Corporation, a subsidiary of Astrotech Corporation (NASDAQ: ASTC), has announced the signing of an Investigator-Initiated Study Agreement with the Cleveland Clinic Foundation (Cleveland Clinic). BreathTech’s BreathTest-1000TM could be used to contrast exhaled air from people who have tested positive on a COVID-19 polymerase chain reaction (PCR) test with that of people who have tested negative on a COVID-19 PCR test under this agreement. The study’s main goal would be to test various volatile organic compounds (VOCs) in the breath to see how they relate to various disease states.

BreathTech Corporation and Cleveland Clinic have formed a joint venture and choice arrangement for the BreathTech technology. This invention was invented by Dr. Dweik. If this study is successful, Dr. Dweik and Cleveland Clinic will benefit financially.

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