BriaCell Therapeutics Corp. (BCTX), a clinical-stage biotechnology company, Thursday announced the pricing of an underwritten public offering of 7.4 million common shares and warrants to buy 7.4 million shares. The combined public offering price would be $0.75 per share and associated warrant.
The warrants will have an exercise price of $0.9375 per share. It can be exercised right away and will remain valid for five years from the date they are issued.
The offering is expected to close on December 13.
The total gross proceeds from the offering, before deducting underwriters discounts and other offering expenses, are expected to be approximately $5.55 million.
The company plans to use the net proceeds for working capital requirements, general corporate purposes, and the advancement of business objectives.
In the offering, ThinkEquity is acting as the sole book-running manager.
Wednesday, BCTX had closed 0.02 cents or1.85% higher at $1.10 on the Nasdaq. In the extended trading, BCTX was 29.07% lesser at $0.78.
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