ALLR - Allarity Therapeutics falls after pricing public offering to raise $11M
2023-07-06 06:22:56 ET
- Allarity Therapeutics ( NASDAQ: ALLR ) prices public offering of 2.44M common shares and common warrants to purchase up to 2.44M common shares at an effective combined price of $4.50 per share and common warrant for aggregate gross proceeds of ~$11M.
- The warrants will have an exercise price of $4.50 per share, will be exercisable immediately and will expire five years from the initial exercise date.
- Closing date is July 10, 2023.
- Net proceeds of will be used to pay account payables and accrued liabilities outstanding, to make payments under certain license agreements, to pay off a certain outstanding promissory note, to conduct clinical trials, to redeem a portion of its Series A Convertible Preferred Stock and for working capital and general corporate purposes.
- The company will reduce the exercise price of the outstanding warrants issued in the April 2023 offering to purchase up to 250,000 shares of common stock from $34.00 per share to $4.50 per share and extend the termination date from April 21, 2028 to July 10, 2028, effective upon the closing of this offering.
- ALLR -27.8% premarket to $5.97
- Source: Press Release
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Allarity Therapeutics falls after pricing public offering to raise $11M