ACRX - AcelRx Pharmaceuticals launches ~$10M private placement of shares

2023-07-18 08:39:23 ET

• Specialty pharmaceutical company AcelRx Pharmaceuticals ( NASDAQ: ACRX ) said on Tuesday that it has launched an ~$10M private placement of shares.
• The company has entered into a definitive agreement for the purchase and sale of an aggregate of 5.3M shares at $1.36 per share, and pre-funded warrants to purchase 2.01M shares at $1.359 per pre-funded warrant.
• The proceeds from the warrants is expected to be ~$16.3M.
• The private placement was priced at-the-market under Nasdaq rules.
• The offering is expected to close on or about July 20.
• The net proceeds are intended to be used for working capital and general corporate purposes.
• ACRX shares were trading -0.90% pre-market.
• Source: Press Release

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