ABVC - ABVC BioPharma down 34% prices $1.75M direct offering

2023-07-27 11:47:09 ET

A clinical-stage biopharmaceutical company, ABVC BioPharma ( NASDAQ: ABVC ) stock price slumps 34% as the company entered securities purchase agreement with a single institutional investor to purchase $1.75M direct offering.

The company has agreed to sell an aggregate of 500K shares, the purchase price per share of common stock is $3.50.

Gross proceeds of ~$1.75M.

Net proceeds will be deployed for research and development of their programs, working capital, and other general corporate purposes, which may include the repayment of outstanding debt.

The closing of the offering is expected to occur on or about July 31, 2023.

For further details see: