Avenue Therapeutics, a prominent specialty pharmaceutical company with a primary focus on advancing therapies for neurologic diseases, revealed today the pricing details of its public offering. The company is set to offer a total of 16,633,400 units at a public offering price of $0.3006 per unit.
Each unit comprises (i) one share of common stock (or one pre-funded warrant in lieu thereof), (ii) one Series A warrant for the purchase of one common stock share, immediately exercisable at a price of $0.3006 per share, and expiring five years from the date of issuance, and (iii) one Series B warrant for the purchase of one common stock share, immediately exercisable at a price of $0.3006 per share, and expiring eighteen months from the date of issuance. The offering is projected to generate approximately $5.0 million in gross proceeds before accounting for the placement agent’s fees and other offering expenses.
Maxim Group LLC and Lake Street Capital Markets, LLC have been enlisted as the placement agents overseeing the offering. The closing of the offering is anticipated to take place around November 2, 2023, contingent on the fulfillment of customary closing conditions.
The securities in question are being made available in accordance with a registration statement on Form S-1 (File No. 333-274562), which received the seal of approval from the Securities and Exchange Commission (SEC) on October 31, 2023.
Following the announcement, Avenue Therapeutics experienced a decline in its stock trading.
At the time of this publication, Avenue Therapeutics Inc stock (ATXI) has witnessed a decline.
Avenue Therapeutics Inc
Current Price: $0.23
Change : -0.12
Change (%): (-34.52%)
Source: Tomorrow Events Market Data
Avenue Therapeutics Stock Performance in Recent Periods
– Over the past 5 days, Avenue Therapeutics stock has seen a decline of 54.06%.
– In the last month, the stock has experienced a substantial drop of 67.19%.
– Looking at the past 3 months, Avenue Therapeutics stock has decreased by 77.69%.
– Year-to-date, the stock has seen a significant reduction of 80.19%.
– Over the course of the past year, Avenue Therapeutics stock has declined by a notable 90.22%.
Please note that these figures are based on historical market data and are subject to change. Investors are advised to consult with financial professionals and conduct their own research before making any investment decisions.
In conclusion, the Avenue Therapeutics public offering marks a significant financial move for the company.