GLMD - Galmed shares slump on pricing discounted stock and warrants offering
2023-07-14 10:03:18 ET
Galmed Pharmaceuticals ( NASDAQ: GLMD ) has priced a public offering of shares and warrants to raise $7 million, the company said Friday.
The company entered into securities purchase agreements with two institutional investors to purchase 5.6 million ordinary shares and warrants to purchase 5.6 million ordinary shares at a combined price of $1.25 apiece.
Each warrant is immediately exercisable for one ordinary share at an exercise price of $1.25 per ordinary share and will expire five years from the date of issuance.
The offer price represents a 39.9% discount to the stock's closing price of $2.05 on Thursday.
The offering is expected to close on or about July 18, 2023.
Maxim Group LLC is acting as the sole placement agent.
Shares -27.4% at $1.51.
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Galmed shares slump on pricing discounted stock and warrants offering