Vivani Medical Shares Retreat 20% on Securities Purchase Agreement

Dow Jones03-01

By Denny Jacob

Vivani Medical shares retreated 20% to $3.37 following a securities purchase agreement with an institutional investor.

The stock has nearly tripled over the last 12 months.

The preclinical-stage biopharmaceutical company said the agreement is for the purchase of about 3.9 million shares of common stock and warrants to purchase up to an aggregate of 3.9 million shares of common stock at a purchase price of $3.80 a share.

Vivani expects gross proceeds around $15 million before fees and other expenses. The offering is expected to close on or about Tuesday.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 01, 2024 10:03 ET (15:03 GMT)

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