CRMD - CorMedix stock dips on pricing $40M securities offering

2023-06-29 03:12:48 ET

• CorMedix ( NASDAQ: CRMD ) prices an underwritten public offering of 7.5 million common stock at a public offering price of $4.00 per share and pre-funded warrants to purchase ~2.5M shares of its common stock at a price of $3.999 per pre-funded warrant.

• The total gross proceeds from the offering are expected to be ~$40 million.

• Shares are down -18.9% at $4.11 afterhours on Wednesday.

• Underwriters are granted a 30-day option to purchase up to an additional 1.5M shares of its common stock at the public offering price of $4.00/share.

• Offering is expected to close on or about July 3, 2023.

• "Net proceeds from the offering will be used for general corporate purposes, commercialization efforts, research and development, working capital, and general expenditures," the company said in a statement .

• More on CorMedix:

• CorMedix resubmits marketing application for lead candidate DefenCath

• CorMedix receives notice of allowance for US patent application covering lead product DefenCath

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