Phio Pharmaceuticals shares are trading lower after the company announced a $4 million concurrent registered direct offering and private placement priced at-the-market under Nasdaq rules.
Portfolio Pulse from Benzinga Newsdesk
Phio Pharmaceuticals announced a $4 million concurrent registered direct offering and private placement priced at-the-market under Nasdaq rules, causing its shares to trade lower.
May 31, 2023 | 7:37 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Phio Pharmaceuticals' stock price is trading lower after announcing a $4 million concurrent registered direct offering and private placement.
The announcement of the $4 million concurrent registered direct offering and private placement priced at-the-market under Nasdaq rules has led to a decrease in Phio Pharmaceuticals' stock price. This is because the offering dilutes the value of existing shares, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100