ITUS Corp (NASDAQ:ITUS) has today made the much awaited announcement. The top provider is excited to announce the common stock Rights Offering and Ownership Day. After holding numerous discussions, the board of directors has decided to approve the rights offering for ITUS shareholders of up to $12 million. This Company has over the years focused in the development of Cchek™, which happens to be a cancer diagnostic platform based on the body’s immunological response to a malignancy.
The President who is also the CEO of ITUS Corp (NASDAQ:ITUS) while recently addressing some top journalist said, “Based upon the progress that we have made with Cchek™, we believe our prospects for success have never been higher. Our shareholders are deserving of the opportunity to increase their participation in the upside of our company as we continue to reach important milestones towards the regulatory approval and commercialization of Cchek™”.
According to Marketwired, the proceeds that will emanate from the rights offering will be used for the general working capital purposes. As a matter of fact, this will include continued development of Cchek™ and it’s crucial to outline that the company has been considering cutting down its enormous debt. Usually most of the top company’s globally will seek to strengthen their balance sheets and that is easier by paying more focus on repaying debts.
According to regulations, rights are not transferable. This means there is no way one can sell, borrow or assign this particular rights.The only way out would therefore be to become a shareholder of record as of February 15, 2017.Reports indicate that an elaborate schedule has been set up already.
However, ITUS Corp (NASDAQ:ITUS) has promised to announce any changes that it might be compelled to make with the passage of time. ITUS bears all rights to at any time cancel the rights offering prior to the closing of the rights offering. It has advised its large number of share holders to get in touch with their financial advisor or broker about the upcoming rights offering. That will position them appropriately towards ensuring that they are able to maximize their ability to participate in the rights offering.