Can-Fite BioPharma (CANF) agreed to immediately exercise warrants for up to about 1.6 million American depositary shares at $2.50 each, expected to generate about $4 million in gross proceeds, the company said Wednesday.

Shares slumped 25% as intraday trading volume catapulted to over 19.5 million from a daily average of about 1.41 million.

G-III Apparel's (GIII) shares slumped 10% after the company reported lower fiscal Q2 net sales.

More than 968,000 shares traded intraday compared with a daily average of about 566,000.

Palo Alto Networks (PANW) sank 11% amid heavy trading as the cybersecurity firm's fiscal Q4 adjusted gross margin declined year over year.

Intraday trading volume soared to over 8.61 million from the stock's daily average of roughly 6.81 million.

Price: 2.44, Change: -0.85, Percent Change: -25.81