QNRX - Quoin Pharmaceuticals plunge 45% on pricing $7M stock offering

• Quoin Pharmaceuticals ( NASDAQ: QNRX ) priced its reasonable best efforts stock offering of 24.75B shares represented by 4.95M ADS at a purchase price of $1/ADS and pre-funded warrants to purchase 10.25B shares represented by 2.05M ADS at a per pre-funded warrant price of $0.9999.
• Shares eroded 43.8% in premarket session .
• Gross proceeds are seen at ~$7M; net proceeds to be used for general corporate purposes.
• Offer closing is expected to occur on or about Feb.24, 2023.
• Meanwhile, the company plans to enter into an agreement with existing investors who participated in this offering to reduce the exercise price of outstanding warrants to purchase up to 2.84M ADS which were issued in the company's August 2022 public offering from $5 to $1.1 per ADS.

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