ACRX - AcelRx announces $7.5M direct offering of common stock and warrants
- Pain therapy developer AcelRx Pharmaceuticals ( NASDAQ: ACRX ) announced plans sell ~$7.5M worth of registered direct offering of common stock and warrants on Tuesday, sending its shares ~3% lower in the pre-market.
- The deal with an unnamed life sciences-focused investment fund includes terms to sell ~748.7K shares of common stock, pre-funded warrants exercisable for ~2.6M shares of common stock, as well as common warrants exercisable for ~4.2M shares of common stock.
- The per unit offering price for common stock and accompanying common warrants is $2.22625, and that for pre-funded warrants and accompanying common warrants is $2.22615.
- The deal, expected to close on Dec. 29, could generate ~$7.5M in gross proceeds, AcelRx ( ACRX ) said.
- As of Q3 2022, the company reported ~$20.9M in cash and short-term investments compared to ~$51.6M at the 2021 year-end.
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AcelRx announces $7.5M direct offering of common stock and warrants