NanoViricides Shares Fall Pre-Bell After $3.8 Million Direct Stock Sale Pricing

MT Newswires Live07-24

NanoViricides (NNVC) shares were down more than 11% in Friday's premarket activity after the company said it priced a registered direct offering expected to raise about $3.8 million in gross proceeds.

The company said it entered into a securities purchase agreement with a single institutional investor to sell 2.52 million common shares, or pre-funded warrants in their place, along with warrants to buy an additional 2.52 million shares.

The accompanying warrants have an exercise price of $1.75 per share and will expire five and a half years after issuance, NanoViricides said.

NanoViricides said it expects to close the offering on or about Monday, subject to customary closing conditions.

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