Panbela Therapeutics Inc PBLA shares are trading lower by 26% to $0.70 Friday morning. The stock is moving sharply lower after the company announced that it reached agreements with certain holders of its warrants, allowing them to exercise these warrants for 2.13 million shares of its common stock at a reduced price of 78 cents per share.
This will result in approximately $1.9 million in gross proceeds, excluding financial advisory fees. The reduction in exercise price and issuance of new warrants comply with Nasdaq rules and were facilitated with the assistance of Roth Capital Partners as the company's financial advisor.
According to data from Benzinga Pro, PBLA has a 52-week high of $295.50 and a 52-week low of $0.70.
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