CRXT - Clarus Therapeutics nosedives on pricing upsized $30M stock and warrants offering

Clarus Therapeutics (NASDAQ:CRXT) plunges 49% premarket after it priced its underwritten public offering of units consisting of 26.7M shares and accompanying Class A warrants and also units  consisting of pre-funded warrants to purchase up to 590K shares and accompanying Class A warrants. Each share is sold with one Class A warrant at a combined purchase price of $1.10/unit. Underwriters granted an option to purchase up to an additional 4.09M shares and/or Class A warrants to purchase shares. The Class A warrants will be immediately exercisable at $1.10/ share and will expire five years from issuance date. Gross proceeds are expected to be ~$30M. Offer is expected to close on Apr.27. Net proceeds along with existing cash to be used for working capital and other general corporate purposes.

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Clarus Therapeutics nosedives on pricing upsized $30M stock and warrants offering