Friday, GRI Bio, Inc. (GRI) announced the pricing of its public offering for the purchase and sale of 5,000,000 shares of common stock at $1.10 per share. Following this news, the stock slid 27%.
Investors will also receive Series B-1 and Series B-2 warrants to buy up to 5,000,000 shares of common stock each.
The Series B-1 and Series B-2 Warrants will have an exercise price of $1.10 per share and can be exercised immediately after the date of issuance, expiring in five years and eighteen months, respectively.
The gross proceeds from the Offering are expected to be around $5.5 million.
The Company plans to use the net proceeds for working capital and other general corporate purposes.
The closing of the Offering is anticipated to take place on or around February 6, 2024, with A.G.P./Alliance Global Partners serving as the sole placement agent for the Offering.
GRI is trading on the Nasdaq at $1.41, down 27.69% or $0.54 per share. It has traded between $1.51 and $93.31 in the past 52-week period.
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