Sonnet prices 2.84M shares at $1.60 in underwritten public offering

Sonnet BioTherapeutics announced the pricing of an underwritten public offering of 2,843,750 shares of common stock and investor warrants to purchase up to an aggregate of 5,687,500 shares of common stock. Each share of common stock is being sold together with two investor warrants at a combined offering price of $1.60, for total gross proceeds of approximately $4.55M, before underwriting discounts and commissions and offering expenses payable by Sonnet. Each investor warrant is exercisable for one share of common stock at an exercise price of $1.60 per share for a period of five years from the date of issuance. The offering is expected to close on or about October 27, 2023, subject to the satisfaction or waiver of customary closing conditions. The offering is being led by existing investors. Chardan and Ladenburg Thalmann & Co. Inc. are acting as joint book-running managers in connection with the offering. Sonnet anticipates using the net proceeds from the offering for research and development, including clinical trials, working capital and general corporate purposes.