Why Acurx Pharmaceuticals (ACXP) Shares Are Down 30%

Acurx Pharmaceuticals Inc ACXP shares are trading lower by 30% to 46 cents during Friday’s session after the company announced a $1.1 million registered direct offering.

What To Know: Acurx Pharmaceuticals, a late-stage biopharma company, has entered into a definitive agreement for a registered direct offering of 2.75 million common shares at 40 cents per share, raising approximately $1.1 million.

Additionally, the company will issue unregistered short-term warrants in a private placement, allowing the purchase of up to 8.24 million shares at the same price, pending stockholder approval.

The offering, expected to close by March 10, is led by H.C. Wainwright & Co. Acurx plans to use the proceeds for working capital and general corporate purposes.

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According to data from Benzinga Pro, ACXP has a 52-week high of $3.32 and a 52-week low of $0.60.