VIRI - Virios Therapeutics stock slides on pricing $5.0M stock offering
- Virios Therapeutics ( NASDAQ: VIRI ) shares dropped 24.5% after-hours on Monday as the firm has priced its underwritten public offering of 10.0M shares of its common stock at a public offering price of $0.50/share, for gross proceeds of $5.0M.
- All of the shares of common stock are being offered by the company.
- Underwriters are granted a 45-day option to purchase up to an additional 1.5M shares of common stock at the public offering price.
- Offering is expected to close on September 22, 2022.
- Net proceeds from the offering will be used primarily to further advance the clinical development of IMC-1 and for working capital and general corporate purposes.
- Earlier, Virios Therapeutics slides 11% postmarket on proposed stock offering .
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Virios Therapeutics stock slides on pricing $5.0M stock offering