PYPD - PolyPid stock slides on pricing securities offering

2023-03-29 08:31:40 ET

• PolyPid ( NASDAQ: PYPD ) shares fell 18% premarket on Wednesday after the biopharma company priced its securities offering to raise around $6.2M in gross proceeds.
• The offering comprises 14.66M ordinary shares, issued at $0.42 each.
• The underwriter has been granted a 30-day option to purchase up to an additional 2.19M shares at the public offering price. The offering is expected to close on or about March 31, 2023.
• In addition, PolyPid ( PYPD ) is offering unregistered pre-funded warrants to purchase up to 10.36M ordinary shares at a price of $0.4199 per private warrant in a concurrent private placement. The warrants have an exercise price of $0.0001/ordinary share. Gross proceeds are expected to be around $4.4M.
• Net proceeds from both offerings will be used to fund ongoing clinical activities and development of D-PLEX100, working capital and other general corporate purposes.

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