ACER - Acer Therapeutics stock dips on $2.7M securities offering

2023-03-22 08:12:30 ET

• Acer Therapeutics ( NASDAQ: ACER ) shares dropped 7% premarket on Wednesday after the pharmaceutical company announced a $2.675M securities offering priced at-the-market under Nasdaq rules.
• The offering comprises 2,920,306 shares of the company’s common stock, issued at $0.916 per share.
• In a concurrent private placement, the company will issue warrants to purchase up to 2,920,306 shares of common stock. The warrants will be exercisable immediately following issuance at an exercise price of $0.791/share and will have a term of five and one-half years from the issuance date.
• Gross proceeds are estimated to be ~$2.675M; net proceeds from this offering will be used for general corporate purposes and working capital.
• The offering is expected to close around March 24, 2023.

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