What's Happening With Sonnet BioTherapeutics (SONN) Shares?

Sonnet BioTherapeutics Holdings, Inc. SONN shares are trading lower by 8.5% to $1.18 Thursday morning on downward momentum. The company this week announced pricing of a public offering involving 2,843,750 shares of common stock or pre-funded warrants, along with investor warrants allowing the purchase of up to 5,687,500 shares of common stock.

What Else?

Sonnet BioTherapeutics is conducting an offering with a combined price of $1.60 per share, generating roughly $4.55 million in gross proceeds before expenses. Investors also receive warrants that allow them to purchase one share of common stock at $1.60 per share over five years.

This offering is scheduled to conclude around October 27, 2023, and is primarily supported by existing investors, with Chardan and Ladenburg Thalmann & Co. Inc. acting as joint book-running managers.

The funds raised will be used for research and development, including clinical trials and for general corporate purposes.

See Also: What In The World Is Going On With ABVC BioPharma Stock?

According to data from Benzinga Pro, Sonnet BioTherapeutics has a 52-week high of $65.93 and a 52-week low of $1.10.