Cellectar Biosciences (CLRB) said Thursday it entered deals to raise an expected $2.5 million through the sale of shares at market price under Nasdaq rules.
The company said the deal includes the immediate exercise of warrants covering about 8.3 million shares at a reduced price of $0.3041 each. These warrants were originally issued in 2020, 2022, and 2024, Cellectar said, adding that it does not plan to issue replacement warrants.
Net proceeds will be used for corporate needs, including working capital and operations, the company said.
Cellectar said the offering is slated to close around Friday.
Shares of the company were down more than 16% in recent Thursday trading.
Price: 0.39, Change: -0.07, Percent Change: -14.49
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