2023-03-14 08:38:09 ET
- Adamis Pharmaceuticals ( NASDAQ: ADMP ) shares fell 5% premarket on Tuesday after the biopharmaceutical company launched a securities offering to raise $3M in gross proceeds.
- The firm entered into a securities purchase agreement with a single institutional investor to sell 16.5M shares and pre-funded warrants to purchase up to 7.5M shares at a combined purchase price of $0.125 per share (and $0.1249 per pre-funded warrant) and accompanying warrants.
- The warrants will be initially exercisable beginning six months following the date of issuance at $0.138/share, and will expire five years and six months from the date of issuance.
- Net proceeds from the offering will be used for general working capital purposes. The offering is expected to close around March 16, 2023.
For further details see:
Adamis Pharmaceuticals drops on $3M securities offering