Why BriaCell Therapeutics (BCTX) Stock Is Down 40%

BriaCell Therapeutics Corp BCTX shares are trading lower by 40% to 65 cents Thursday afternoon after the company announced the pricing of a $5.5 million public offering of 7.4 million shares at 75 cents per share.

What Else: BriaCell has priced an underwritten public offering of 7.4 million common shares and warrants at 75 cents per share and associated warrant.

The warrants, exercisable at $0.9375 per share for five years, accompany the shares in the offering, which is expected to generate gross proceeds of approximately $5.55 million before expenses.

The offering, managed by ThinkEquity, is set to close on December 13, pending customary conditions. BriaCell says the company plans to use the funds for working capital, corporate purposes and advancing its business goals.

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According to data from Benzinga Pro, BCTX has a 52-week high of $5.93 and a 52-week low of $0.46.