ZSAN - Zosano Pharma plunges 48% on pricing $15.4M common stock and warrants offering

Zosano Pharma (NASDAQ:ZSAN) slumps 48.4% premarket after firm has priced its previously announced underwritten public offering of 51.25M units, each consisting of one share of common stock and one warrant to purchase one share of common stock, at a public offering price of $0.30/unit for expected gross proceeds of ~$15.4M. The warrants have an exercise price of $0.30/share, immediately exercisable and will expire five years from the date of issuance. Underwriter are granted a 30-day option to purchase up to an additional 7,687,500 shares of common stock and/or additional warrants to purchase up to 7,687,500 shares of common stock. Offering is expected to close on or about February 10, 2022. Net proceeds will be used for pre-commercialization activities and for general working capital and corporate purposes.

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Zosano Pharma plunges 48% on pricing $15.4M common stock and warrants offering