Annovis Bio (ANVS) said Monday it priced an underwritten public offering of about 5.3 million common shares and warrants to buy 5.3 million common shares at a combined price of $4 per share.
The company said the warrants will have an exercise price of $5 per share.
Total gross proceeds from the offering, which is expected to close on Tuesday, are expected to be $21 million, the company said.
Annovis Bio said it plans to use the net proceeds mainly for working capital and general corporate purposes, including the continued clinical development of its lead compound, Buntanetap.
The company's shares slipped past 30% in recent trading.
Price: 3.40, Change: -1.48, Percent Change: -30.29
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