GLSI - Greenwich LifeSciences under stress on pricing upsized $26.4M equity offering
Greenwich LifeSciences (GLSI) down 12.4% premarket on pricing upsized offering of 660K shares at $40/share, for gross proceeds of ~$26.4M (or ~$30.4M, if underwriters exercise their option in full).Underwriters' over-allotment is an additional 99K shares. Net proceeds will be used for completion of all manufacturing and all clinical trial activities to complete an interim analysis and data readout of the GP2 Phase III clinical trial, for the submission of a Biologics Licensing Application to the FDA seeking conditional marketing approval of GP2, for the in-licensing or acquisition and development of additional products, including the coronavirus vaccine program, and for working capital and general corporate purposes. Offering is expected to close on December 22.
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Greenwich LifeSciences under stress on pricing upsized $26.4M equity offering