Why Phio Pharmaceuticals Stock Is Nosediving

Phio Pharmaceuticals Corp PHIO shares are trading lower by 40% to $0.95 Thursday afternoon after the company announced it will exercise warrants for $2.8 million in gross proceeds.

Phio Pharmaceuticals announced that accredited investors agreed to exercise certain warrants to purchase over 2 million shares of the company's stock at a reduced price of $1.33 per share, originally issued between 2018 and 2023 at higher prices.

The exercise of these warrants is expected to bring in around $2.8 million in gross proceeds for the company before factoring in fees and expenses.

The shares available for purchase are part of previously registered stock offerings under Form S-1 and Form S-3.

See Also: Phio Pharmaceuticals Announces Exercise of Warrants for $2.8 Million Gross Proceeds

According to data from Benzinga Pro, PHIO has a 52-week high of $12.27 and a 52-week low of $0.88.