2023-04-03 09:13:10 ET
- Palisade Bio ( NASDAQ: PALI ) shares down more than 30% in Monday's premarket session after announcing to issue 2,272,723 shares of common stock in a registered direct offering and concurrent private placement, at $2.64, which is less than its current trading price of $3.52.
- Certain investors will receive a portion of their investment in unregistered shares or unregistered pre-funded warrants in the private placement in lieu of registered common stock.
- The company intends to use the net proceeds from the financing for working capital and general corporate purposes.
- The company has also agreed to issue to the investors, in a private placement, unregistered warrants to purchase up to 2,272,723 shares of common stock, having a term of five years and an exercise price of $2.64 per share.
- Offering is expected to close on April 5, 2023.
For further details see:
Palisade Bio shares plummet following a $6M registered direct offering