CALA - Calithera Biosciences slumps on pricing $10.0M stock and warrants offering

Calithera Biosciences (NASDAQ:CALA) slumps 29.7% after hours after the firm has priced its previously announced underwritten public offering of 18,518,519 shares of its common stock at a price to the public of $0.54/ share for expected gross proceeds of ~$10.0M. Each share of common stock is accompanied by a warrant to purchase one share of common stock at an exercise price of $0.54/share, which is immediately exercisable and will expire 18 months from the date of issuance, or a short-term warrant, and a warrant to purchase one share of common stock at an exercise price of $0.54/share, which is immediately exercisable and will expire 5 years from the date of issuance, or a long-term warrant. All of the shares of common stock and warrants are being offered by Calithera. Offering is expected to close on April 1, 2022, subject to customary closing conditions.

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Calithera Biosciences slumps on pricing $10.0M stock and warrants offering