CNSP - CNS Pharmaceuticals sinks after pricing equity offering of $10M

Small-cap CNS Pharmaceuticals (CNSP) drops 12% after pricing of an underwritten public offering of 5M shares and warrants to purchase up to 2.5M shares of common stock, at combined price of $2/share & warrant.Five-year warrants will have an exercise price of $2.20/share.Underwriters have an option to purchase up to an additional 750k shares and/or 375k warrants.Proceeds will be used for its Phase 2 trial for Berubicin, other research and development, and for working capital. The offering is expected to close by December 28.

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CNS Pharmaceuticals sinks after pricing equity offering of $10M