Palisade Bio Inc PALI shares are trading lower by 6.1% to $0.69 Tuesday morning. The stock is trading lower on downward momentum after the company last week announced a $2 million registered direct offering. The offering closed on Monday.
The company entered into definitive agreements with institutional investors for the purchase of 2,339,398 shares of common stock for gross proceeds of roughly $2 million in a registered direct offering.
Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the registered direct offering.
Palisade Bio intends to use the net proceeds from the financing for working capital and general corporate purposes.
According to data from Benzinga Pro, PALI has a 52-week high of $9.10 and a 52-week low of $0.55.
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