Avenue Therapeutics (NASDAQ:ATXI) shares are trading lower by 20.7% to $4.92 during Monday’s session after the company announced the exercise of warrants for $4.4 million in gross proceeds.
These warrants were issued at different times with various exercise prices, but the warrant holders have agreed to exercise them at a reduced price of $6.20 per share. The company expects to receive approximately $4.4 million in gross proceeds from this exercise.
In return for exercising the warrants, Avenue will issue new unregistered Series C and Series D warrants to the warrant holders, each allowing them to purchase up to 689,680 ...
ATXI) Stock Is Falling Sharply>Full story available on Benzinga.com