MediWound stock slips on ~$30.5M securities offerings

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MediWound (NASDAQ:MDWD) shares dropped 17% premarket on Thursday after the biopharmaceutical company announced ~$30.5M securities offerings.

The company entered into a definitive securities purchase agreement with several investors for the sale and purchase of ~7.57M shares of its ordinary shares at $1.75/share in a registered direct offering, expected to close around Sep 26, 2022.

It has also agreed to issue to these investors unregistered warrants to purchase up to 7.57M ordinary shares in a concurrent private placement.

The warrants will have an exercise price of $1.925/ordinary share and will become exercisable upon the company’s receipt of shareholder approval to increase the number of its authorized ordinary shares, and will expire four years thereafter.

Concurrently to the registered direct offering, the Company entered into a definitive securities purchase agreement with several accredited investors for the sale and purchase of ~9.85M pre-funded warrants to purchase up to ~9.85M ordinary shares and unregistered warrants to purchase up to ~9.85M ordinary shares at a purchase price of $1.749 per pre-funded warrant and ordinary share warrant.

The pre-funded warrants will have an exercise price of $0.001 per ordinary share and the ordinary share warrants have an exercise price of $1.925 per ordinary share; each will become exercisable upon the company’s receipt of shareholder approval to increase the number of its authorized ordinary shares, and will expire, in the case of the ordinary share warrants, four years thereafter.

Gross proceeds from the offerings are estimated ~$30.5M; net proceeds will be used for the development of EscharEx, a scale up of facilities, and for general corporate purposes.

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