PHIO - Phio Pharmaceuticals slides on equity offering

2023-05-31 10:55:41 ET

• Phio Pharmaceuticals ( NASDAQ: PHIO ) to sell an aggregate of 233,646 common shares in a registered direct offering at $4.28 per share
• In a concurrent private placement, the company to also sell an aggregate of 700,935 common shares at $4.28 per share in the registered direct offering.
• In addition, the Company has agreed to issue unregistered Series A warrants to purchase up to an aggregate of 934,581 shares of common stock and unregistered Series B warrants to purchase up to an aggregate of 934,581 shares of common stock for an exercise price $4.03 per share and become exercisable immediately upon issuance.
• Closing date is June 2, 2023.
• The gross proceeds from the concurrent offerings are expected to be ~$4M.
• Net proceeds will be used for the development of its immuno-oncology programs, working capital and general corporate purposes.
• PHIO is -14.1% to $3.46
• Source: Press Release

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