- DURECT ( NASDAQ: DRRX ) shares are down 23.4% after-hours on Friday after the firm has entered into pact with a leading institutional healthcare investor and an existing institutional investor for the purchase and sale of an aggregate of 1.7M shares of common stock and, in lieu of shares of common stock, pre-funded warrants to purchase 0.3M shares of common stock, and accompanying warrants to purchase up to 2M shares of common stock in a registered direct offering .
- The shares of common stock and accompanying warrants are being sold at a combined purchase price of $5.00/share and accompanying warrant, and the pre-funded warrants are being sold at a combined purchase price of $4.99999/pre-funded warrant and accompanying warrant.
- All of the shares of common stock, pre-funded warrants and accompanying warrants to be sold in the offering will be sold by DURECT.
- The pre-funded warrants have an exercise price of $0.00001 per share and the accompanying warrants will have an exercise price of $5.00/share, both will be immediately exercisable.
- The pre-funded warrants do not expire and the accompanying warrants will expire five years from the date of issuance.
- Offering is expected to occur on or about February 8, 2023.
- Gross proceeds from the offering are expected to be ~$10M.
- Net proceeds from the offering will be used for general corporate purposes and to meet working capital needs.
For further details see:
DURECT sheds 23% after launches $10M securities offering