CLRB - Cellectar Biosciences shares dip on $10.7M securities offering

• Cellectar Biosciences ( NASDAQ: CLRB ) shares fell ~18% premarket on announcing concurrent registered direct and private placement offerings of ~$10.7M priced at-the-market under Nasdaq rules
• The company has entered into definitive agreements with several institutional investors for the purchase of 3,275,153 shares at $2.085/share in a registered direct offering and warrants to purchase up to an aggregate of 3,275,153 shares of common stock in a concurrent private placement priced at-the-market.
• In a separate concurrent private placement transaction, the company has agreed to sell pre-funded warrants to purchase up to an aggregate of 1,875,945 shares of common stock and warrants to purchase up to an aggregate of 1,875,945 shares of common stock.
• The warrants will be immediately exercisable at an exercise price of $1.96/share and will expire on the fifth anniversary of the closing date.
• The purchase price of each pre-funded warrant will be $2.08499 and the pre-funded warrants will be immediately exercisable at an exercise price of $0.00001/share and will not expire until exercised in full.
• The company intends to use the net proceeds from the registered direct offering and the private placements for funding clinical studies, research and development, working capital and general corporate purposes.

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