ANPC - AnPac stock rises after pricing $3M ADSs warrants offering

2023-04-03 05:25:35 ET

• AnPac Bio-Medical Science ( NASDAQ: ANPC ) priced its registered direct offering of its American Depositary Shares (ADSs) and warrants to raise ~$3M in gross proceeds.
• Under an agreement with certain institutional investors, the company will sell 625K ADSs at $4 per ADS, with pre-funded warrants exercisable for 125K ADSs and warrants exercisable for 750K ADSs.
• The price of each pre-funded warrant is equal to the price of one ADS, minus $0.0001, and the remaining exercise price of each pre-funded warrant will equal $0.0001 per share.
• The warrants will be immediately exercisable and will have an exercise price of $4 per ADS.
• To the only placement agent of the offering, Univest Securities, AnPac is issuing warrants exercisable for 37.5K ADSs, at an exercise price of $4.80.
• The Chinese company, which makes cancer detection tests, plans to use the net proceeds for research and development activities, working capital and general corporate purposes.
• ANPC +12.26% to $4.76 premarket April 3

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