Qualigen (NASDAQ:QLGN) stock is rocketing higher on Friday after the clinical-stage therapeutics company secured a new loan.
Qualigen reached an agreement with an investor for a $2 million Senior Note due July 8, 2025, with an 18% annual interest rate. This note grants the company an extra $2 million of cash to work with.
There are some stipulations that come with this new investor loan. That includes changes to the Qualigen board of directors. Richard David, Sidney Emery, Kurt Kruger, and Ira Ritter have resigned from their board seats.
Following that, the board of directors appointed three new members to replace the outgoing ones: Campbell Becher, Robert Lim and Cody Price. The roles of these board members haven’t been determined yet.
QLGN Stock Reactions Today
Following these changes, QLGN stock is seeing major activity on Friday. About 297 million shares have changed hands as of this writing. That’s well above its daily average trading volume of about 5.6 million shares.
QLGN stock is up 141.2% as of Friday morning.
Investors will find more of the most recent stock market stories below!
We offer up all of the hottest stock market news available on Friday! That includes everything happening with shares of NexImmune (NASDAQ:NEXI) stock, Vicinity Motor (NASDAQ:VEV) stock and AT&T (NYSE:T) stock today. You can read up on all of these matters at the links below!
More Stock Market News for Friday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
