CFRX - ContraFect prices $10M in stock offering and concurrent private placement
- ContraFect ( NASDAQ: CFRX ) entered into a securities purchase agreement with a single institutional investor to purchase ~$10M of its common stock in a registered direct offering and warrants to purchase common stock in a concurrent private placement.
- The combined effective purchase price for each share and associated warrants will be $4.
- Under agreement terms, ContraFect has agreed to issue 128K shares and pre-funded warrants to purchase 2.4M shares.
- In the concurrent private placement, to be completed along with the offering, the company has agreed to issue warrants to purchase up to 5M shares; each of the pre-funded warrants and the private placement warrants will be immediately exercisable.
- Private placement warrants expire five years from issuance date and have an exercise price of $4.00/share of common stock.
- Offer is expected to close on or about Mar.2, 2023.
- Shares trading 29.3% down premarket.
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ContraFect prices $10M in stock offering and concurrent private placement