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AQB priced a public offering of 11,200,000 shares of common stock at $2.10 per share, representing an almost 33% discount to its $3.12 closing price on November 18, 2021. In addition, the issue’s underwriters have been granted a 30-day option to buy up to 1.6 million additional shares. It should be noted that AQB is not selling any shares and will not receive any proceeds from the shares offered by stockholders.
Nevertheless, the stock still looks overvalued at its current price. In terms of forward Price/Sales, AQB is currently trading at 117.79x, which is 1,527.4% higher than the 7.24x industry average.
