- Bio-Path ( NASDAQ: BPTH ) gained 2% Monday morning after the biotechnology company announced a $2M stock offering and a concurrent private placement of warrants.
- The firm entered into a definitive agreement with certain institutional investors for the issuance and sale of 800K shares of its common stock for a price of $2.50/share.
- Gross proceeds are estimated to be approximately $2M.
- Additionally, in a concurrent private placement, Bio-Path ( BPTH ) has agreed to issue to such investors unregistered warrants to purchase up to 800K shares of common stock. The warrants have an exercise price of $2.85/share and exercise period commencing six months following the issuance date and a term of five and one-half years.
- The offerings are expected to close on November 9, 2022. Net proceeds will be used for working capital and general corporate purposes.
For further details see:
Bio-Path launches $2M stock offering