Why Palisade Bio (PALI) Stock Is Diving 30% Lower

Palisade Bio Inc PALI shares are trading lower by 31.82% to $2.40 after the company announced a $6 million registered direct offering and concurrent private placement priced above the market under Nasdaq rules.

Palisade Bio says certain investors will receive a portion of their investment in unregistered shares or unregistered pre-funded warrants in the private placement in lieu of registered common stock.

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Palisade Bio intends to use the net proceeds from the financing for working capital and general corporate purposes.

According to data from Benzinga Pro, Palisade Bio has a 52-week high of $53.45 and a 52-week low of $1.55.