NRx Pharma Stock Under Pressure On Equity Raise Of $30M

NRx Pharmaceuticals Inc NRXP stock shed yesterday's gains after announcing a private placement of 2.72 million shares.
The purchase price for one share of common stock and one investment option is $11.00.
The investment options have an exercise price of $12.00 per share, will be immediately exercisable, and will have a term equal to three years following the date of issuance.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds of approximately $30 million will be used to accelerate the CNS/psychiatry franchise and COVID vaccine franchises, together with supporting the transition of Zyesami as a commercial product.
The placement will close by August 23.
Related: Zyesami COVID-19 Phase 3 Study Found No New Safety Concerns.
Price Action: NRXP shares are up 17.50% at $11.51 during the market session on the last check Thursday.