- Shares of biotech company Orgenesis ( NASDAQ: ORGS ) slumped nearly 31% to a daily low of $1.43 on Thursday after announcing stock and warrants offering to raise $3.7 million.
- ORGS entered into a securities purchase agreement for purchase and sale of 1,947,368 of its common stock, and warrants to purchase up to 973,684 of its shares.
- The purchase price per share of common stock and accompanying warrants is $1.90.
- The company said it intends to use the net proceeds from the offering for general corporate purposes, working capital and general and administrative expenses.
- The transactions are expected to close on or about February 27, 2023.
- Joseph Gunnar & Co is acting as the exclusive placement agent for the registered direct offering.
- Press Release .
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Orgenesis stock sinks ~31% after launching offering to raise $3.7M