ONCS - OncoSec Medical plunges 35% lower on sale of 1.4M shares of common stock

2023-05-16 15:04:22 ET

• OncoSec Medical ( NASDAQ: ONCS ) has announced a definitive agreement for the purchase and sale of 1.4 million shares of its common stock.
• ( ONCS ) is down 35% .
• The registered direct offering, priced at $0.945 per share, will be conducted under Nasdaq rules.
• The company also plans to issue unregistered warrants alongside, enabling the purchase of up to 1,408,384 additional shares of common stock.
• The warrants have an exercise price of $0.82 per share and a term of five and a half years. The offering is expected to close around May 18.
• Anticipated gross proceeds from the offering are approximately $1.33 million, with net proceeds intended for general corporate purposes as working capital .

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