- Revelation Biosciences ( NASDAQ: REVB ) shares dropped 47% pre-market on Tuesday after the life sciences company priced its $5M securities offering.
- The offering consists of 8.33M shares of common stock and warrants to purchase up to 8.33M common shares at a price of $0.60 per share and associated warrant.
- The warrants are exercisable upon issuance at $0.60/share and will expire five years following the date of issuance.
- Offering is expected to close around July 28, 2022.
- Gross proceeds are expected to be ~$5M; net proceeds will be used to further the development of REVTx-99b, REVTx-200 and REVTx-300; continue to develop other products and therapies; and fund working capital and general corporate purposes using any remaining amounts.
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Revelation Biosciences stock slides 47% on pricing $5M securities offering