AKAO - Achaogen's Last Capital Raise Signals Desperation
Last Friday, February 15, Achaogen (AKAO) announced a public offering of 15 million shares of common stock at the price of $1.00/share. In addition, each share was accompanied by one short-term warrant to purchase a share of common stock and one long-term warrant to purchase a share of common stock. Short-term warrants have an exercise price of $1.00/share and long-term warrants have an exercise price of $1.15/share; both classes of warrants are immediately exercisable. Total proceeds from the common stock offering are $15M, and if all warrants are exercised, total proceeds will be