Windtree Therapeutics Inc (NASDAQ:WINT) shares are plunging in early trading Thursday after the company announced the pricing of an upsized public offering.
What Happened: Windtree announced the pricing of a $10.8 million public offering of 3,686,006 shares and warrants to purchase up to 3,686,006 shares of the company’s common stock.
Each share is being sold together with one warrant at a combined public offering price of $2.93 per share. The warrants have an exercise price of $2.93 per share and will expire in five years.
Windtree expects to use $3.5 million of the net proceeds to extend enrollment and complete a Phase 2 clinical trial for istaroxime in cardiogenic shock. The rest will be used for working capital and general corporate purposes.
Windtree is estimated to report first-quarter earnings at the beginning of May, although a date has not yet been confirmed by the company.
Windtree Therapeutics is a biotechnology company focused on advancing late-stage interventions for cardiovascular disorders.
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WINT Price Action: Windtree shares were down 59.3% at $2.28 at the time of publication, according to Benzinga Pro.
This illustration was generated using artificial intelligence via MidJourney.
