Artelo Biosciences (ARTL) shares were down almost 50% premarket Thursday after the company said it priced an offering of over 640,000 shares at $4.40 each and pre-funded warrants to acquire 40,894 shares at $4.399 per warrant, for gross proceeds of $3 million.
Underwriters were granted a 45-day option to buy up to 102,272 additional shares at the offering price to cover any over-allotments, the company said, adding that the offering is expected to close Friday.
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