IPO Initial Public Offering

Mikko Lemola

Silo Pharma (SILO) stock was trading modestly higher Tuesday morning after the neurological drug developer uplisted its shares to Nasdaq and held a $5M initial public offering.

Shares of Silo opened at $6.60 after pricing at $5 per share. The stock recently changed hands at $5.11 at approximately 11:00 a.m. ET.

Silo offered 1M shares at $5 per share. Underwriters were granted a 45-day option to buy up to 150K additional shares at the IPO price. Laidlaw & Company is serving as sole bookrunner.

Based in New Jersey, Silo has been using psychedelic research to develop drugs for the treatment of neurological disorders such as Alzheimer’s and Parkinson’s disease.

Prior to Tuesday, Silo’s shares were traded OTC under the symbol SILOD, closing at $6.76 on Monday. On Sept. 15, the drug company conducted a 1-for-50 reverse stock split.

Image and article originally from seekingalpha.com. Read the original article here.

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