Why Orgenesis Stock Is Getting Hammered Thursday

Orgenesis Inc ORGS shares are trading lower by 29.95% to $1.45 Thursday morning after the company announced pricing of a $3.7 million registered direct offering.

What Else?

Orgenesis today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 1,947,368 common stock and warrants to purchase up to 973,684 shares of common stock at a purchase price of $1.90 per share of common stock and accompanying warrants in a registered direct offering.

See Also: Here's Why Rivian Shares Are Moving

The company intends to use the net proceeds from this offering for general corporate purposes, working capital and general and administrative expenses.

The transactions are expected to close on or about February 27, subject to the satisfaction of customary closing conditions.

According to data from Benzinga Pro, ORGS has a 52-week high of $4.04 and a 52-week low of $1.13.