FEMY - Femasys stock dips on $3.9M equity offering
2023-04-19 08:14:51 ET
- Femasys ( NASDAQ: FEMY ) shares fell 13% premarket on Wednesday after the biomedical company announced an offering to raise $3.9M.
- The company is selling 3,196,722 shares of common stock (or common stock equivalents) at a purchase price of $1.22/share in a registered direct offering priced at-the-market under Nasdaq rules.
- In a concurrent private placement, it has agreed to issue and sell unregistered warrants to purchase up to 3,196,722 shares of common stock.
- The warrants will become exercisable immediately upon issuance at a price of $1.095 per share and have a term of five and one-half years from the date of issuance.
- Gross proceeds expected to be around $3.9M; net proceeds will be used for working capital and general corporate purposes.
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Femasys stock dips on $3.9M equity offering