2023-04-18 08:22:15 ET
- Athersys ( NASDAQ: ATHX ) shares fell 33% premarket on Tuesday after the biotechnology company announced a securities offering to raise $3.7M.
- The company entered into definitive agreements for the purchase and sale of 3,685,000 shares of its common stock in a registered direct offering and warrants to purchase up to 3,685,000 shares at a purchase price per share (and accompanying warrant) of $1.00 in a concurrent private placement.
- The warrants will be initially exercisable beginning six months following the date of issuance at an exercise price of $0.96 per share and will expire seven years from the initial exercise date.
- Gross proceeds are expected to be approximately $3.7M; net proceeds will be used for general corporate purposes.
- The offering is expected to close on or about April 19, 2023.
For further details see:
Athersys stock slides after launch of $3.7M equity offering