Rezolute, Inc. (RZLT), a late-stage biopharmaceutical company focused on rare disease treatments, announced the pricing of an underwritten public offering.
The offering includes approximately 20.8 million shares of common stock at $3.25 per share, along with pre-funded warrants for 6.9 million shares offered at $3.249 per warrant. Combined, the gross proceeds are expected to total around $90 million before expenses. The company has also granted underwriters a 30-day option to purchase up to 4.15 million additional shares.
All securities in the offering will be issued by Rezolute, with the closing anticipated around April 24, 2025, pending customary conditions. The deal includes backing from both new and existing institutional investors such as Federated Hermes Kaufmann Funds, Blackstone Multi-Asset Investing, and Nantahala Capital.
Rezolute plans to use the proceeds for R&D, general corporate purposes, and working capital. The securities are offered under a shelf registration statement filed with and declared effective by the SEC in November 2023. The offering will be conducted via a prospectus supplement available through the SEC's website or directly from the underwriters.
Wednesday, RZLT closed at $3.97, marking a 27.65% decline. In after-hours trading, the stock edged up slightly to $3.98, reflecting a 0.25% increase on the Nasdaq Capital Market.
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