- Checkpoint Therapeutics ( NASDAQ: CKPT ) shares fell over 14% premarket on Tuesday after the oncology company announced a securities offering to raise ~$7.5M in gross proceeds.
- The offering comprises 1,428,572 shares of CKPT common stock issued at $5.25 each. In a concurrent private placement, the company will offer Series A warrants to purchase up to 1,428,572 shares and Series B warrants to purchase up to 1,428,572 shares.
- The Series A warrants will be exercisable immediately upon issuance at $5.00 per share and will expire five years following the issuance date.
- The Series B warrants will be exercisable immediately upon issuance at $5.00 per share and will expire eighteen months following the issuance date.
- Net proceeds will be used for working capital and general corporate purposes, including the manufacturing of cosibelimab and certain pre-commercial activities in anticipation of potential approval and commercial launch.
- The offering is expected to close on or about Feb. 23, 2023.
For further details see:
Checkpoint Therapeutics stock dips on ~$7.5M securities offering