ACXP - Acurx Pharmaceuticals down 10% on $4M offering

2023-05-16 09:10:30 ET

• Clinical stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, Acurx Pharmaceuticals ( NASDAQ: ACXP ) enters into a securities purchase agreement with a single institutional investor to purchase 1.33M shares at a combined effective purchase price of $3.00 per share in a registered direct offering.
• In a concurrent private placement, the company has also agreed to issue and sell to the investor unregistered Series C warrants to purchase up to an aggregate of 1.33M shares and unregistered Series D warrants to purchase up to an aggregate of 1.33M shares.
• The offering is expected to close on or about May 18, 2023.
• The gross proceeds from the registered direct offering and the concurrent private placement are estimated to be ~$4M.
• The stock price has dropped about 10% during pre-market on Tuesday.

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