Tenax Therapeutics Inc (NASDAQ:TENX) shares are trading lower by 64.3% to $5.08 Thursday morning after the company announced the pricing of a public offering involving the sale of 1.6 million shares of its common stock and warrants to purchase up to 3.2 million shares.
The offering is priced at $5.65 per share and associated warrant, with the warrants having an exercise price of $5.65 per share. The offering is expected to generate approximately $9.04 million in gross proceeds. Roth Capital Partners is serving as the exclusive placement agent for the offering.
The company intends to utilize the net proceeds to advance its LEVEL trial, a Phase 3 trial of oral levosimendan, as well as for general corporate purposes. The offering is anticipated to ...
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