ADMP - Adamis Pharmaceuticals drops on $3M securities offering

2023-03-14 08:38:09 ET

• Adamis Pharmaceuticals ( NASDAQ: ADMP ) shares fell 5% premarket on Tuesday after the biopharmaceutical company launched a securities offering to raise $3M in gross proceeds.
• The firm entered into a securities purchase agreement with a single institutional investor to sell 16.5M shares and pre-funded warrants to purchase up to 7.5M shares at a combined purchase price of $0.125 per share (and $0.1249 per pre-funded warrant) and accompanying warrants.
• The warrants will be initially exercisable beginning six months following the date of issuance at $0.138/share, and will expire five years and six months from the date of issuance.
• Net proceeds from the offering will be used for general working capital purposes. The offering is expected to close around March 16, 2023.

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