Virios Therapeutics Inc VIRI shares are trading lower by 74.50% to $0.51 Tuesday morning after the company priced a 10 million share public offering at $0.50 per share. Also, HC Wainwright & Co downgraded the stock from Buy to Neutral.
What Else?
Virios Therapeutics says the offering is expected to close on September 22th, subject to satisfaction of customary closing conditions.
The company intends to use the net proceeds from the offering primarily to further advance the clinical development of IMC-1 and for working capital and general corporate purposes. ThinkEquity is acting as sole book-running manager for the offering.
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According to data from Benzinga Pro, Virios Therapeutics has a 52-week high of $9.11 and a 52-week low of $0.48.
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