OKYO - OKYO Pharma to raise ~$5.3M in ADS offering stock falls 5%
2023-03-13 17:06:25 ET
- OKYO Pharma ( NASDAQ: OKYO ) on Monday priced the public offering of 3.5 million American Depositary Shares at $1.50 per ADS.
- The gross proceeds from the offering is expected to be about $5.3 million.
- The offering is expected to close on March 15, 2023.
- The company said intends to use the net proceeds of the offering to advance OK-101 to fund the initial Phase 2 clinical trial of OK-101 in DED patients, and the remaining proceeds for working capital and other general corporate purposes.
- OKYO also closed a concurrent offering in the UK of 13.8 million ordinary shares to certain members of management and its directors for gross proceeds of $0.3 million.
- Press Release .
- Shares -5.2% at $1.99 afterhours.
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OKYO Pharma to raise ~$5.3M in ADS offering, stock falls 5%