Boston, MA 06/05/2013 (wallstreetpr) – The share prices of Neurometrix Inc. (NASDAQ:NURO) had surged by 30 percent to close at $2.60 per share for the last trading session on Tuesday. The shares of the company had been trading in the range of $2.01 to $3.14 per share during the day. The shares of Neurometrix Inc. (NASDAQ:NURO) had recorded 52 week low price level of $1.84 per share and 52 week high price level of $5.10 per share.
Neurometrix Inc. (NASDAQ:NURO) is engaged in the development and commercialization of diagnostic and treatment products for the neurological disorders of diabetics patients. The company is involved in developing products for diagnosis, treatment and monitoring of disorders related to peripheral nerve and spinal cord, with specific focus on those associated with diseases like diabetes, carpal tunnel syndrome, spinal stenosis and lumbosacral disc disease.
Issue of preference stock and warrants
Neurometrix Inc. (NASDAQ:NURO) had recently entered into an agreement with a single institutional investor for definitive securities purchase which includes $5 million of preferred stock and 5 year warrants to purchase common stock at an exercise price of $2 per share. The preference stock will not be entitled to any dividends and further will also not have any preference over the equity stock of Neurometrix Inc. (NASDAQ:NURO) in the event of liquidation.
Neurometrix Inc. (NASDAQ:NURO) had been witnessing heavy trading volumes with nearly 2.41 million shares being exchanged hands on Tuesday, while the average trading volume of the company is at 16,937 shares per day. The company presently holds 2.07 million shares outstanding in the market with an institutional ownership of 14 percent of its holdings.
