Why Clene Shares Are Nosediving

Clene Inc. CLNN shares are trading lower by 13.81% to $0.90 Friday morning after the company announced pricing of a $40 million public offering.

The offering consists of 50,000,000 shares of common stock and accompanying warrants. The combined offering price per share and warrant is $0.80.

All shares and warrants are offered by Clene and will be issued separately but purchased together. The offering is set to close around June 21, subject to customary closing conditions.

The net proceeds will be used for general corporate purposes, clinical development of CNM-Au8®, research and development and regulatory activities.

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According to data from Benzinga Pro, CLNN has a 52-week high of $5.13 and a 52-week low of $0.82.