Applied DNA Sciences ( NASDAQ: APDN ) shares plunged over 66% on Tuesday after the biotechnology company priced a securities offering to raise approximately $12M in gross proceeds. The offering includes 9.23M units, each consisting of either one share of common stock or one pre-funded warrant to purchase one share; one Series A Warrant to purchase one share at an exercise price of $1.
99/share; and one Series B Warrant to purchase one share at an exercise price of $1.99/share or, pursuant to an alternative cashless exercise option, receive three shares of common stock. The purchase price of each unit with a common share is $1.
30 and that with a pre-funded warrant will be equal to the price per unit with a common share, minus $0.0001. Net proceeds from the offering will be used to further develop Applied DNA Sciences’ ( APDN ) Therapeutic DNA Production Services and MDx Testing Services, as well as for general corporate purposes.
This offering is expected to close on or about May 29, 2024, subject to satisfaction of customary closing conditions. More on Applied DNA Sciences Applied DNA announces 1-for-20 reverse stock split Seeking Alpha’s Quant Rating on Applied DNA Sciences Historical earnings data for Applied DNA Sciences Financial information for Applied DNA Sciences.
