Agile Therapeutics Inc AGRX shares jumped during the trading session on Thursday on a solid volume session volume of 9.91 million, compared to an average volume of a mere 78.141K, as per the data from Benzinga Pro.
Thursday, Agile Therapeutics agreed to immediately exercise certain outstanding warrants to purchase up to an aggregate of 3.89 million shares issued in July 2022 and May 2023, having an exercise price of $3.69 per share at a reduced exercise price of $1.25 per share.
The gross proceeds are expected to be approximately $4.8 million before deducting placement agent fees and estimated offering expenses.
In consideration of the immediate exercise of the warrants for cash, the company will issue new unregistered warrants to purchase shares.
The new warrants will be exercisable for an aggregate of up to 7,785,144 shares at an exercise price of $1.00 per share and immediately exercisable upon issuance.
3,992,572 of the new warrants will have a term of five years from the issuance date, and 3,792,572 of the new warrants will have a term of eighteen months from the issuance date.
Price Action: AGRX shares are up 2.80% at 1.02 on the last check Thursday. During the premarket trading, the stock reached as high as $2.68.
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