2023-07-20 14:14:02 ET
- DURECT ( NASDAQ: DRRX ) stock price plunges 31% as it entered into definitive agreements for the purchase and sale of an aggregate of 2.99M shares of common stock and warrants to purchase up to 2.99M shares of common stock in a registered direct offering priced ATM under Nasdaq rules.
- The shares of common stock and warrants are being sold at a combined purchase price of $5.015/share and accompanying warrant.
- The warrants will have an exercise price of $4.89/share, will be immediately exercisable and will expire five years from the date of issuance.
- The gross proceeds are expected to be ~$15M and intends to use the net proceeds for general corporate purposes.
- The closing of the Offering is expected to occur on or about July 21, 2023.
For further details see:
Durect stock plummets 31% on selling 2.99M shares, warrants at $5.015 in registered direct offering