EDSA - Edesa Biotech slips on ~$10M share offering

Edesa Biotech (NASDAQ:EDSA) has slipped ~17% pre-market after announcing a ~$10M share offering priced at-the-market under Nasdaq rules. The biopharmaceutical company entered into a definitive agreement with a single healthcare-focused institutional investor for the purchase and sale of ~2.74M of its common shares at $3.65/share. In a concurrent private placement, the company will issue to the investor warrants to purchase up to 2.74M common shares. Warrants will be immediately exercisable at $3.52/share and will have a term of five and one-half years. Offering is expected to occur on Mar. 24, 2022. Net proceeds from this offering for working capital and general corporate purposes.

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Edesa Biotech slips on ~$10M share offering