Aptevo Therapeutics (APVO) said Friday it closed an $8 million direct offering of common stock and warrants.
The company said it sold about 2.47 million shares, or pre-funded warrants in lieu of shares, along with 12.33 million common stock warrants, at $3.25 per share.
Each share was sold with five warrants, which are exercisable at the same price following shareholder approval and will expire five years after that approval.
Net proceeds will support the clinical development of its drug candidates, as well as working capital and other general corporate purposes, according to the company.
Shares of Aptevo Therapeutics were down more than 23% in recent trading.
Price: 3.93, Change: -1.20, Percent Change: -23.39
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.