Context Therapeutics Shares Drop After Raising $31M Via Equity

Newly listed Context Therapeutics Inc CNTX has announced a private placement of $31.25 million. The placement includes 5 million shares together with warrants to purchase 5 million shares.

• Each share of common stock and accompanying Warrant has an offer price of $6.25. 
• The Warrants have a five and one-half year term and an exercise price of $6.25 per share. 
• The private placement will close by December 6.
• In October, Context Therapeutics started trading at NASDAQ after pricing the IPO at $5.00 per share, for gross proceeds of $25.0 million.
• During IPO, the Company said it would use the proceeds to fund the development of ONA-XR, including three ongoing Phase 2 trials, Phase 1b/2 trial, and two Phase 0 trials.
• Price Action: CNTX shares are down 13.10% at $6.22 during the premarket session on the last check Thursday.