Assertio Seeks To Raise $14M Via Equity At 21% Discount From Thursday's Close

Assertio Holdings Inc (NASDAQ: ASRT) has entered into a securities purchase agreement with certain institutional investors to purchase 22.6 million common shares at $0.62 per share in a registered direct offering, for gross proceeds of $14 million. The offer price represents a discount of 21% from the last close price of $0.78 on Thursday.
Net proceeds will be used for general corporate purposes, including general working capital.
Roth Capital Partners acted as the sole placement agent in connection with the offering. The offering is expected to close on February 9.
Yesterday, the Assertio revised its previously stated range for the restructuring cost to $11 million to $12.0 million from $8 million to $10 million on the account for additional non-cash charges relating to the write-off of certain office leases and furniture assets.
In addition to the above offering, the company is poised to receive $5 million by February 17, after ASRT settled a claim with its insurer, Navigators Specialty Insurance Co. and Navigators Insurance Co., over opioid lawsuits.
Price Action: ASRT shares are trading 11.5% lower at $0.69 in premarket trading on the last check Friday.

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