Enliven Therapeutics, Inc. (ELVN) is seeing a 25% increase in its shares on Tuesday following the company's announcement of a securities purchase agreement for a private investment in public equity or PIPE financing.
ELVN is trading on the Nasdaq at $15.87, up 25.55% or $3.23 per share. It has traded between $9.80 and $24.22 in the past 52-week period.
This move is anticipated to generate around $90 million in gross proceeds, excluding offering expenses.
As per the agreement, the company will be selling a total of 5,357,144 shares of its common stock at $14.00 per share, which is an 11% premium to its closing price on March 18, 2024.
Additionally, pre-funded warrants for the purchase of 1,071,505 shares of common stock will be available at $13.999 per pre-funded warrant.
The PIPE financing is set to be finalized around March 21, 2024, pending the fulfillment of standard closing conditions.
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