Talis Biomedical stock bounces off record low after largest shareholder pulls share-sale plans

Shares of Talis Biomedical Corp. TLIS, +4.36% bounced 1.9% in midday trading Monday, after the diagnostic testing company requested a withdrawal of a large share offering by a selling shareholder. After the March 15 closing bell, the company had registered 37.49 million common shares for sale, including 7.63 million common shares and 29.86 million shares issuable after the conversion of convertible preferred stock, by entities affiliated with Baker Bros. Advisors L.P., which is Talis’ largest shareholder. Talis did not disclose the reason for the requested withdrawal of the offering, but the stock had plunged 57.9% since the stock-offering registration through Friday’s record close of $1.07. The stock, which went public on Feb. 12, 2021, is now trading 93.2% below its initial public offering price of $16 a share.