QNRX - Quoin stock crashes 65% on pricing stock offering to raise $16.8M
- Quoin Pharmaceuticals ( NASDAQ: QNRX ) stock fell ~65% on Aug. 5 after the company priced an offering to raise $16.8M in gross proceeds.
- The company is offering 11.05B ordinary shares represented by 2.21M American Depositary Shares (ADSs) at $5.00 per ADS and pre-funded warrants to buy 5.75B ordinary shares represented by 1.15M ADSs at a per pre-funded warrant price of $4.9999 (with each ADS and pre-funded warrant accompanied by an ordinary warrant) for total proceeds of $16.8M.
- The offering is expected to occur on Aug. 9, subject to conditions.
- The company intends to use the net proceeds for general corporate purposes.
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Quoin stock crashes 65% on pricing stock offering to raise $16.8M