- Trevena ( NASDAQ: TRVN ) shares dropped 5% on Friday pre-market after the biopharmaceutical company announced preferred stock offering.
- The offering consists of 1,800 shares of Series A convertible preferred stock, 200 shares of Series B convertible preferred stock and warrants to purchase up to 8M shares of common stock.
- Each share of preferred stock has a stated value of $1,000 per share and a conversion price of $0.25 per share. They are convertible into an aggregate of 8M shares of common stock.
- The warrants will be exercisable at $0.263/share, beginning on the later of six months following the date of issuance and the effective date of a reverse stock split of the company’s common stock in an amount sufficient to permit the exercise in full of the warrants. They will expire five and one-half years following the date of issuance.
- Offering is expected to close on or about July 29, 2022.
- Total gross proceeds will be $2M; net proceeds will be used for general corporate purposes.
For further details see:
Trevena slides on $2M preferred stock offering