Silo Pharma Launches $2.1 Million Registered Direct Offering; Shares Fall Pre-Bell

MT Newswires Live07-19

Silo Pharma (SILO) said Friday it has agreed to sell 763,638 common shares at a price of $2.75 per share in a registered direct offering.

The company is also issuing warrants to purchase up to 763,638 common shares at an exercise price of $2.75 per share with a five-year expiration date in a private placement.

The offering, which is expected to raise gross proceeds of about $2.1 million, is expected to close around July 22, subject to customary closing conditions.

Net proceeds from the offering will be used for working capital and general corporate purposes.

Shares of the company fell more than 30% in recent Friday premarket activity.

Price: 2.4091, Change: -1.06, Percent Change: -30.57

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