Genelux ( NASDAQ: GNLX ) stock plummets 24% premarket on pricing of an underwritten offering of 6.88M shares and accompanying warrants to purchase 6.88M shares of its common stock at a combined offering price of $4/share and accompanying warrant.
Each warrant will have an exercise price of $5.25/share, will be immediately exercisable following the closing of the offering. Gross proceeds to Genelux from the offering are expected to be ~$27.
5M and the net proceeds are expected to provide working capital into the Q1 2026 for general corporate purposes. The offering is expected to close on or about May 29, 2024, GNLX -24.1 % premarket to $3.
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