24/7 Market News Snapshot 16 September, 2024 – Inotiv, Inc. Common Stock (NASDAQ:NOTV)

September 16, 2024

DENVER, Colo., 16 September, 2024 (247marketnews.com) – (NASDAQ:NOTV) are discussed in this article.
Inotiv, Inc. (NOTV), a leading contract research organization focused on drug discovery and development, has recently demonstrated a significant upward trajectory in its stock performance, trading at $1.80 today, reflecting a 15.76% increase from the previous close of $1.555. With trading volume reaching 502.48K shares, this surge indicates robust investor interest and a potential bullish trend, warranting close observation of pivotal resistance levels near $1.85 and support around $1.53.

Concurrently, Inotiv has executed a strategic financial maneuver by closing a private offering of $22.6 million in 15% Senior Secured Second Lien PIK Notes, due February 2027. This move, accompanied by warrants for purchasing common stock, is aimed at enhancing the company’s liquidity and bolstering its balance sheet. Robert Leasure Jr., the President and CEO, expressed confidence in this development, stating that the funding will provide essential financial flexibility to implement site optimization plans and stimulate growth in the recovering nonhuman primate market.

Additionally, the recent amendment to the Credit Agreement secures financial covenant relief through June 30, 2025, along with the introduction of new financial tests, allowing the company to capitalize on recent operational enhancements. The Second Lien Notes, guaranteed by several subsidiaries, will accrue 15% annual interest, and investors will have the opportunity to acquire up to 3,946,250 shares of common stock at an exercise price of $1.57 per share.

Inotiv remains steadfast in its commitment to delivering comprehensive solutions within the biopharmaceutical sector while strategically positioning itself to harness new growth opportunities in an evolving market landscape as it advances through 2025 and beyond.

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