Why Quoin Pharmaceuticals Shares Are Getting Obliterated Wednesday

Quoin Pharmaceuticals Ltd - ADR QNRX shares are trading lower by 42.82% to $0.68 Wednesday morning. The company announced pricing of its $7 million public offering.

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The offering represents 4,950,000 American Depositary Shares at a purchase price of $1.00 per ADS and pre-funded warrants of 2,050,000 American Depositary Shares at a per pre-funded warrant price of $0.9999.

Quoin Pharmaceuticals says the closing of the offering is expected to occur on or about February 24, subject to the satisfaction of customary closing conditions.

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The company intends to use the net proceeds from the offering for general corporate purposes.

According to data from Benzinga Pro, QNRX has a 52-week high of $28.11 and a 52-week low of $1.11.