Celsion's Stock Rockets After Withdrawing Stock Offering

Shares of Celsion Corp. rocketed 42% in premarket trade Friday, after the cancer drug development company filed to withdraw plans for a stock offering. The company had originally filed on April 5 an S-1 statement with the Securities and Exchange Commission for the sale of shares, which was amended as recently as Wednesday for the sale of 2.45 million common shares and pre-funded and base warrants to buy over 4 million shares. In Friday's filing, the company stated that it submitted the withdrawal "because it does not intend to pursue the contemplated offering at this time." Earlier this week, the company said it had regained the minimum-bid compliance for the continued listing of its stock on the Nasdaq. That followed a 1-for-14 reverse stock split on May 30. The stock has plunged 52% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has climbed 11% and the S&P 500 has gained 8.7%.