2023-08-07 08:12:35 ET
Global clinical-stage biopharmaceutical company, Gracell Biotechnologies ( NASDAQ: GRCL ) jumped 14% on pre-market hours on Monday as it entered into an agreement for the private placement of 138.9M shares (equivalent to 27.78M ADS), at a purchase price equivalent to $3.60 per ADS.
Warrants to purchase up to ~44.8M shares at an exercise price equivalent to $5.58 per ADS, representing a 55% premium to the purchase price of ordinary shares.
The company will receive $100M in proceeds from the private placement and up to an additional $50M if the warrants are fully exercised.
The financing is expected to close on August 10, 2023.
Net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates and research programs, as well as working capital and other general corporate purposes.
The aggregate proceeds from this proposed financing, combined with current cash, cash equivalents, is expected to be sufficient to fund the current operating plan into H2 2026.
For further details see:
Gracell Biotechnologies jumps 14% on $150M private placement