OpGen Inc (OPGN)

[davidsson10]

Opgen up 59% but news scarce

Thinly traded nano cap OpGen (OPGN +59.2%) jumps on a healthy 22x surge in volume. No particular news accounts for the action.

Last week, the company executed a 1:25 reverse split of its common stock.

Yesterday, it filed a supplement to its July 12, 2017 prospectus for an equity offering of ~18.1 units to account for the split. Each unit will consist of 1/25 of a share of common stock and one warrant to purchase 1/25 of a share of common.

At the end of September, the company $4.9M in cash. Operations consumed an average of $3.7M of cash through the first three quarters of 2017 so additional capital will be needed to fund operations.