Sonnet BioTherapeutics Holdings, Inc. SONN shares are trading lower by 8.5% to $1.18 Thursday morning on downward momentum. The company this week announced pricing of a public offering involving 2,843,750 shares of common stock or pre-funded warrants, along with investor warrants allowing the purchase of up to 5,687,500 shares of common stock.
What Else?
Sonnet BioTherapeutics is conducting an offering with a combined price of $1.60 per share, generating roughly $4.55 million in gross proceeds before expenses. Investors also receive warrants that allow them to purchase one share of common stock at $1.60 per share over five years.
This offering is scheduled to conclude around October 27, 2023, and is primarily supported by existing investors, with Chardan and Ladenburg Thalmann & Co. Inc. acting as joint book-running managers.
The funds raised will be used for research and development, including clinical trials and for general corporate purposes.
See Also: What In The World Is Going On With ABVC BioPharma Stock?
According to data from Benzinga Pro, Sonnet BioTherapeutics has a 52-week high of $65.93 and a 52-week low of $1.10.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
