PTE - PolarityTE slumps on ~$5M securities offering

PolarityTE (NASDAQ:PTE) is down 20.28% pre-market after announcing a ~$5M securities offering. The biotechnology company entered into a securities purchase agreement with a single healthcare-focused institutional investor to sell 3,000.000435 shares of Series A convertible preferred stock and 2,000.00029 shares of Series B convertible preferred stock and warrants to purchase up to ~16.4M common shares. Each share of Series A and Series B preferred stock has a stated value of $1,000 per share and a conversion price of $0.305 per share. The shares of preferred stock are convertible into an aggregate of ~16.M shares of common stock.  The warrants have an exercise price of $0.35/share, will become exercisable six months following the date of issuance, and will expire two years following the original issuance date. Closing date is expected to around March 16, 2022. Net proceeds from this offering will be used for working capital and general corporate purposes. PolarityTE also plans

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PolarityTE slumps on ~$5M securities offering