CorMedix Inc. (NASDAQ:CRMD) shares are trading lower by 23.27% to $3.89 Thursday morning after the company priced its public offering of 7.5 million shares at $4 per share and pre-funded warrants to purchase up to 2.5 million shares at $3.999 per pre-funded warrant.
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The total gross proceeds to the company are anticipated to be around $40 million, before deducting underwriting discounts, commissions and other expenses.
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CorMedix has also granted the underwriters a 30-day option to acquire an additional 1,500,093 shares of common stock.
The closing of the offering is expected to take place on or around July 3, subject to customary closing conditions.
According to data from Benzinga Pro, CRMD has a 52-week high of $8.02 and a 52-week low of $2.71.
