RTTNews | Mar 29, 2021 09:50AM EDT

09:50 Monday, March 29, 2021 (RTTNews.com) - Universe Pharmaceuticals INC (UPC) shares are spiking on Monday morning trade, continuing the uptick since the company closed Initial Public Offering last Thursday.

Currently, the shares are at $9.78, up 140.29 percent from the previous close of $4.07 on 14,940,719 shares.

The Company had received aggregate gross proceeds of $25 million at the public offering. The proceeds will be used for upgrading and expanding the Company's manufacturing R&D, branding, advertising, and marketing, etc.

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