Aduro Clean Technologies Inc. (ADUR) shares declined 5.88%, closing at $11.45, down $0.72, after the company announced the pricing of a $20 million underwritten public offering.
The move followed Aduro's disclosure that it priced the offering of 1.74 million common shares along with warrants exercisable into additional shares, a development that raised investor concerns around near-term dilution despite strengthening the company's balance sheet.
On the day of the announcement, ADUR opened near $12.10, reached an intraday high of $12.18, and fell to a low of $11.32, compared with a previous close of $12.17. The stock trades on the Nasdaq.
Aduro Clean Technologies' 52-week range is approximately $3.50 - $15.60. Proceeds from the offering are expected to be used to advance construction of the company's demonstration-scale plant, fund research and development, and support general corporate purposes.
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