Sonnet Biotherapeutics Holdings Inc. recently announced the successful closure of a private placement offering, resulting in gross proceeds of approximately $5.5 million. This financial move, along with an additional $10.5 million from the exercise of outstanding warrants, has strengthened the company's stockholders' equity, surpassing the $2.5 million minimum requirement set by Nasdaq for continued listing. The company awaits formal confirmation from Nasdaq's Listing Qualifications Staff regarding its compliance with the equity requirement. Currently, there are 6,264,165 shares of Sonnet Biotherapeutics' common stock issued and outstanding.
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