GRI Bio Prices up to $13 Million Equity Offering

MT Newswires Live04-01

GRI Bio (GRI) said Tuesday that it priced a public equity offering of common shares and warrants for a combined price of $3.60 per share and accompanying warrants.

The offering includes about 1.4 million shares of common stock for gross proceeds of $5.0 million. The offering also includes series E-1 warrants, short-term series E-2 warrants, and short-term series E-3 warrants, each series to purchase up to 1.4 million shares.

The warrants have an exercise price of $3.20 per share. If all warrants are exercised in full, the total proceeds to the company are expected to be roughly $13.3 million.

Net proceeds from the offering will be used for product candidate development, working capital and general corporate purposes, GRI added.

Shares were up more than 6% in recent trading.

Price: 3.00, Change: -0.20, Percent Change: -6.25

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