Shares of T2 Biosystems, Inc. (TTOO) jumped over 18% on Wednesday morning after the company announced an $8 million private placement priced at-the-market under Nasdaq rules.
TTOO is currently trading at $4.9200, up $0.7600 or 18.45%, on the Nasdaq. The stock opened its trading at $4.6100 after closing Tuesday at $4.1600. The stock has traded between $2.6000 and $70.0000 in the past 52-week period.
T2 Biosystems announced agreements for the purchase and sale of an aggregate of 2.0 million common shares, series A warrants to purchase up to 2.0 million shares and short-term series B warrants to purchase up to 2.0 million shares at a purchase price of $3.95 per share.
The private placement is expected to close on or about May 17, 2024.
The proceeds from the offering are expected to be about $8 million. The company intends to use the proceeds from the offering for working capital and other general corporate purposes, including sales and marketing, manufacturing and clinical development costs.
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