Cyclo Raises $12M Equity At 18% Discount To Fund Trappsol Development

Cyclo Therapeutics Inc CYTH has priced its previously announced underwritten public offering of 1.95 million shares at $6.00 per share, with gross proceeds of $11.7 million.
The offer price represents a steep discount of 18% from the last close price of $7.34 on Tuesday.
The underwriter has an option to purchase up to an additional 292,500 shares.
Maxim Group LLC is acting as the sole book-running manager for the offering.
Cyclo will use the proceeds to proceed with Phase 3 trial for NPC with Trappsol Cyclo, fund further development of preclinical programs and general purposes.
See the offer prospectus here.
Related link: Cyclo Therapeutics Shares Jump After Filing To Start Alzheimer's Trial In US.
Price Action: CYTH shares are down 20.60% at $5.83 during the premarket session on the last check Wednesday.