2023-04-05 13:46:02 ET
- 180 Life Sciences ( NASDAQ: ATNF ) stock fell ~15% on Wednesday after the company said it is carrying out a registered direct offering and concurrent private placement to raise ~$3M in gross proceeds.
- The company signed an agreement with a single healthcare-focused U.S. institutional investor, for ~1.57M common shares in a registered direct offering and warrants to buy up to ~1.57M shares at a purchase price per share (and accompanying warrant) of $1.91 in a concurrent private placement.
- The private placement warrants will have an exercise price of $1.78 per share.
- The company plans to use the net proceeds for research and development expenses and general corporate purposes, including for preparing a marketing authorization application and legal expenses.
- The offering is expected to close around April 10.
For further details see:
180 Life Sciences stock falls ~15% amid $3M shares, warrants offering