EFTR - eFFECTOR Therapeutics to launch ~$8.7M registered direct offering
2023-06-07 08:22:15 ET
- eFFECTOR Therapeutics ( NASDAQ: EFTR ) said on Wednesday that the biopharmaceutical company is set to offer 7.8M shares at $1.125 per share in an ~$8.7M registered direct offering.
- The company has entered into a definitive agreement with a single healthcare-focused institutional investor.
- The offering is priced at-the-market under Nasdaq rules.
- Also, the company will issue unregistered warrants in a concurrent private placement.
- The warrants will enable the holders to purchase up to an aggregate of 7.8M shares, and will carry an exercise price of $1.00 per share.
- The offering is expected to close on or about June 8.
- The net proceeds, together with existing cash and cash equivalents and short-term investments, are intended to be used for general corporate and working capital purposes.
- EFTR shares were trading -12.95% pre-market.
- Source: Press Release
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eFFECTOR Therapeutics to launch ~$8.7M registered direct offering