KPRX - Kiora Pharmaceuticals stock drops 50% on $5.5M public offering
2023-06-02 09:32:21 ET
- Kiora Pharmaceuticals ( NASDAQ: KPRX ) stock dropped 50% on Friday after the firm priced an underwritten public offering for gross proceeds of ~$5.5M.
- The offering is comprised of ~1.4M shares, 3.9K series F convertible preferred shares, 5M class C warrants, and 5M class D warrants.
- Both warrants have an initial exercise price of $1.10/share.
- The class C warrants have a term of five years following the initial exercise date, while the class D warrants have a term of one year.
- The price per share, class C warrant and class D warrant is $1.10.
- The price per series F convertible preferred share, class C warrant to buy 909 shares and class D warrant to buy 909 shares is $999.90.
- The offering is expected to close on or about June 6.
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Kiora Pharmaceuticals stock drops 50% on $5.5M public offering