Why BioRestorative Therapies (BRTX) Stock Is Getting Hammered

BioRestorative Therapies Inc BRTX shares are trading lower by 17.13% to $2.95 Tuesday morning after the company announced a $2.1 million registered direct offering.

What Else?

The offering is for the sale of 685,033 shares of the company's common stock at an offering price of $3.03 per share in a registered direct offering. The gross proceeds of the offering will be approximately $2.1 million, before deducting placement agent fees and other estimated offering expenses.

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The closing of the offering is expected to take place on or about July 13, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds of the offering in connection with its clinical trials with respect to its lead cell therapy candidate, BRTX-100, pre-clinical research and development with respect to its metabolic ThermoStem Program and for general corporate purposes and working capital.

According to data from Benzinga Pro, BRTX has a 52-week high of $7.13 and a 52-week low of $2.46.