Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) shares are trading lower by 27.6% to $1.31 Wednesday morning after the company announced the pricing of a public offering involving 2,843,750 shares of common stock or pre-funded warrants, along with investor warrants allowing the purchase of up to 5,687,500 shares of common stock.
What Else?
Sonnet BioTherapeutics says the combined offering price is $1.60 per share, totaling approximately $4.55 million in gross proceeds before expenses. Each investor warrant is exercisable for one share of common stock at $1.60 per share over five years.
The offering is set to close around October 27, 2023, and is led by existing investors, with Chardan and Ladenburg Thalmann & Co. Inc. serving as joint book-running managers.
Sonnet BioTherapeutics says the funds raised will be utilized for research and development, including clinical trials, as well as general corporate purposes.
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According to data from Benzinga Pro, Sonnet BioTherapeutics has a 52-week high of $65.93 and a 52-week low of $1.10.
