Applied DNA Sciences Inc APDN shares are trading lower by 40% to 19 cents during Wednesday’s session after the company announced a registered direct offering and concurrent private placement expected to generate approximately $6.5 million in gross proceeds before expenses.
What To Know: The offering consists of 20,312,500 shares of common stock, priced at 32 cents each, and includes pre-funded warrants. Alongside this, investors will receive Series C and Series D Warrants, each allowing the purchase of 20,312,500 shares at the same exercise price, with differing expiration terms. The Series D Warrants feature a cashless exercise option and provisions for adjustment during a potential reverse stock split.
Additionally, existing Series A Warrants will be amended to include a floor price for price protection. The offering is expected to close around October 31, pending customary conditions, with Craig-Hallum serving as the placement agent.
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According to data from Benzinga Pro, APDN has a 52-week high of $22.80 and a 52-week low of $0.18.
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