- 180 Life Sciences ( NASDAQ: ATNF ) shares surged on Tuesday after the biotechnology company announced a $6M registered direct offering priced at-the-market under Nasdaq rules.
- The firm entered into a definitive agreement with a single healthcare-focused U.S. institutional investor for the purchase and sale of 1,714,286 shares of the company’s common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 2,571,429 shares of common stock at a purchase price per share (and accompanying warrant) of $3.50.
- The warrants will have an exercise price of $3.50/share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.
- Gross proceeds from the offering are expected to be ~$6M. The company intends to use the net proceeds from the offering for research and development expenses and general corporate purposes, including the preparation of a marketing authorization application and legal expenses.
- The offering is expected to close around December 22, 2022.
- ATNF shares were up 55% shortly before 2.30PM ET
For further details see:
180 Life Sciences stock surges on $6M securities offering