PainReform (NASDAQ:PRFX) shares are down a massive 46% at the time of writing today after the specialty pharmaceutical company announced a definitive agreement for the purchase and sale of 301,230 of its common shares at $9 apiece.
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Concurrent with this registered direct offering, PainReform has also announced a private placement of unregistered warrants for the purchase of nearly 301,230 common shares. The warrants can be exercised immediately after issuance and will have a period of five years and an exercise price of $9 per share.
The offer is anticipated to close on or about July 14 and remains subject to closing conditions. The company expects to rake in $2.7 million in gross proceeds from the offerings and plans to use the funds for funding R&D activities, clinical trials as well as for working capital and general corporate requirements.
Despite today’s price erosion, PainReform shares still remain nearly 81% higher over the past six months.
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