Addex Therapeutics Stock Falls After $10M Capital Raise Via Equity

Addex Therapeutics Ltd ADXN will sell 3.75 million shares to Armistice Capital in the form of 625,367 American Depositary Shares (ADSs) at $6.50 per ADS. Each ADS represents six shares.
Additionally, Addex will issue Armistice Capital warrants to purchase up to 9.23 million in the form of 1.54 million ADSs and pre-funded warrants to purchase up to 5.48 million shares.
The warrants have an exercise price of $6.50 per ADS.
Related Link: Addex Therapeutics, CMTA Join Forces To Develop Potential Treatment For Rare Neurological Disorder
The gross proceeds to Addex will be $10.0 million.
The Company will use the net proceeds to advance its clinical and preclinical pipeline.
The offering will close by December 21.
H.C. Wainwright & Co. is acting as the exclusive placement agent.
Price Action: ADXN shares are down 7.24% at $6.66 during the premarket session on the last check Friday.