Aditxt Inc’s shares fell more than 20% in Tuesday premarket trading after the company announced the pricing of a $6 million private placement of shares and accompanying warrants.
The Richmond, Virginia-based medical technologies company said it entered definitive agreements for the purchase and sale of an aggregate of 1,237,114 shares of common stock at $4.85 per share and accompanying warrant, in a private placement priced at the market under Nasdaq rules.
Ahead of the opening bell, its shares were down 24% at $5.03 after closing at $6.63 on Friday.
In a statement, Aditxt said each share, or pre-funded warrant in lieu thereof, is being offered together with warrants to purchase two additional shares at an exercise price of $4.60 per share. The warrants will be exercisable immediately upon issuance and expire three years from the date of issuance.
The private placement is expected to close on or about January 3, 2024, subject to the satisfaction of customary closing conditions.
It said it intends to use the net proceeds from the offering for working capital and other general corporate purposes.