Why Palisade Bio (PALI) Stock Is Getting Obliterated

Palisade Bio Inc PALI shares are trading lower by 46% to $0.78 Thursday morning after the company announced a $2 million registered direct offering.

The company entered into definitive agreements with institutional investors for the purchase of 2,339,398 shares of common stock for gross proceeds of roughly $2 million in a registered direct offering.

Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the registered direct offering.

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

According to data from Benzinga Pro, PALI has a 52-week high of $9.10 and a 52-week low of $0.55.