- Meten ( NASDAQ: METX ) entered into a definitive agreement with two institutional investors for the purchase and sale of 1.26M shares and pre-funded warrants to purchase up to 7.98M shares at purchase price of $0.70/share in a registered direct offering.
- In a concurrent private placement, the company also agreed to issue to the same investors units to purchase pre-funded warrants to purchase up to 1.47M shares and warrants to purchase 21.4M shares at an exercise price of $0.70/share.
- The warrants will have a 5-year term from issuance date.
- Gross proceeds of both transactions are expected to be ~$7.5M.
- Transactions are expected to close on or about Aug.8, 2022.
- Shares trading 22.1% down premarket.
For further details see:
Meten to raise $7.5M in stock and warrants offering