Why Timber Pharmaceuticals Shares Are Getting Hammered

Timber Pharmaceuticals Inc TMBR shares are trading lower by 20.09% to $0.09 Monday morning after the company announced a $1.3 million registered direct offering.

What Else?

The closing of the offerings is expected to occur on or about October 3rd, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offerings for working capital and general corporate purposes.

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According to data from Benzinga Pro, Timber Pharmaceuticals has a 52-week high of $0.93 and a 52-week low of $0.08.