Sonnet BioTherapeutics Holdings, Inc. SONN shares are trading lower by 26.18% to $0.50 Wednesday morning after announcing a $2.25 million registered direct offering of 5 million at 45 cents per share.
What Else?
Concurrently, Sonnet will issue warrants allowing the investor to purchase up to 5 million additional shares at an exercise price of 67.49 cents per share. The offering is expected to close on or about June 30, subject to customary conditions.
See Also: What's Going On With Snowflake Stock?
Chardan is the exclusive placement agent for the offering. The gross proceeds, approximately $2.25 million, will be used for research and development, including clinical trials, working capital and general corporate purposes.
According to data from Benzinga Pro, SONN has a 52-week high of $4.48 and a 52-week low of $0.20.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
