Initial Public Offering. IPO. Financial trade. Investment

Andranik Hakobyan

COVID-19 test and therapy developer Ainos (OTCPK:AIMD) conducted a reverse stock split, uplisted its stock to Nasdaq and held a downsized $3M initial public offering on Tuesday.

Ainos offered 780K units at $4.25 per unit, raising around $3.3M. Each unit consisted of one share plus one warrant to buy one share at the IPO price.

Shares of Ainos, formerly known as Amarillo Biosciences, opened at $3.72, hitting a high of $3.75 in early trading before dipping to $2.81 mid-morning. The stock recently changed hands at $3.20 at approximately 11:25 a.m. ET.

Ainos is a marketer of diagnostic tests for a variety of illnesses. It’s also working on a low-dose interferon treatment for COVID-19. The company initially filed for an IPO in April, indicating it was seeking to raise around $9M through a unit offering,

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