MAIA Biotechnology Inc (NASDAQ:MAIA) shares are trading lower by 20.97% to $1.47 Wednesday morning after the company announced it’s finalizing a deal to sell about 2.4 million shares of its common stock at $1.65 per share in a registered direct offering.
What Else?
MAIA is also issuing unregistered warrants for the purchase of the same number of shares. This offering, expected to close around November 17, with H.C. Wainwright & Co. as the exclusive placement agent, is estimated to generate roughly $4 million for MAIA.
The company plans to allocate these funds for general operations, research and development in the cancer therapy field. The warrants, exercisable after six months at $1.86 per share, will expire five and a half years from the issuance date.
See Also: Asia Closes Higher, Europe Markets Trade In Green As Inflation Eases
According to data from Benzinga Pro, MAIA has a 52-week high of $5.22 and a 52-week low of $1.42.
