WINT - Windtree Therapeutics stock slides after pricing $10.8M equity offering

2023-04-20 09:44:26 ET

Windtree Therapeutics ( NASDAQ: WINT ) shares plunged over 55% on Thursday after the biotechnology company priced its upsized securities offering to raise $10.8M.

The offering consists of 3,686,006 shares of common stock and warrants to purchase up to 3,686,006 shares of common stock, issued at a combined public offering price of $2.93 per share of common stock and accompanying warrant.

The warrants are exercisable immediately upon issuance at $2.93 per share and will expire five years following the date of issuance.

The underwriter has been granted a 45-day option to purchase up to an additional 552,900 shares of common stock and/or warrants to purchase up to an additional 552,900 shares of common stock at the public offering price, less the underwriting discounts and commissions.

The offering is expected to close on or about April 24, 2023, subject to the satisfaction of customary closing conditions.

Gross proceeds are estimated to around $10.8M. Up to $3.5M of the net proceeds from the offering will be used to extend enrollment and complete a Phase 2 clinical trial for istaroxime in cardiogenic shock, with the remainder of the net proceeds being used for working capital and other general corporate purposes.

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