In a significant stride towards advancing targeted biologic drugs, clinical-stage company Sonnet BioTherapeutics Holdings unveiled today the pricing details of its underwritten public offering. This endeavor encompasses 2.84 million shares of common stock, or pre-funded warrants that can be used in lieu of these shares, alongside investor warrants allowing the acquisition of up to 5.68 million common stock shares.
Under the terms of the public offering, each unit of Sonnet BioTherapeutics, comprising a share of common stock (or its equivalent in pre-funded warrant) and two investor warrants, is available at a combined price of $1.60. This culminates in total gross proceeds approximating $4.55 million, exclusive of underwriting discounts, commissions, and Sonnet’s offering expenses. The investor warrants hold the right to be exercised for one share of common stock at an exercise cost of $1.60 per share, valid for a span of five years from the date of issuance.
The anticipated closure of this offering is slated for on or around October 27, 2023, contingent on the fulfillment or waiver of customary closing conditions. This undertaking is being spearheaded by current investors, with Chardan and Ladenburg Thalmann & Co. Inc. jointly managing the offering.
Sonnet BioTherapeutics Holdings earmarks the net proceeds from this venture towards research and development endeavors, encompassing clinical trials, in addition to fortifying working capital and supporting general corporate functions.
These securities will be made available in adherence to a registration statement on Form S-1, as amended (File No. 333-274581), which received the green light from the Securities and Exchange Commission (SEC) on October 24, 2023.
Looking ahead, Sonnet BioTherapeutics Holdings, Inc. is poised to unveil its earnings report on November 13, 2023. Over the past year, the company has reported an Earnings Per Share (EPS) of -$7.74.
In the market today, shares of Sonnet BioTherapeutics Holdings experienced a notable downturn.
At the time of this publication, Sonnet Biotherapeutics Holdings Inc stock (SONN) has witnessed a decline.
Sonnet Biotherapeutics Holdings Inc
Current Price: $1.23
Change : -0.58
Change (%): (-32.04%)
Volume: 565.0K
Source: Tomorrow Events Market Data
