Why Athersys Shares Are Falling During Tuesday's Session

Athersys Inc ATHX shares are trading lower by 12.94% to $0.98 Tuesday morning. The company announced a $3.7 million registered direct offering and concurrent private placement.

What Else?

Athersys says the company's offering is for 3,685,000 shares at a purchase price per share and accompanying warrant of $1.00 in a concurrent private placement.

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The closing of the offering is expected to occur on or about April 19, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $3.7 million.

Athersys says the company intends to use the net proceeds from the offering for general corporate purposes.

According to data from Benzinga Pro, ATHX has a 52-week high of $19.42 and a 52-week low of $0.50.