Soleno Therapeutics Announces Proposed Public Offering Of Common Stock And/Or Pre-Funded Warrants; No Size Disclosed And A $30M Concurrent Private Placement Of Common Stock And/Or Pre-Funded Warrants
Portfolio Pulse from Benzinga Newsdesk
Soleno Therapeutics, Inc. (NASDAQ:SLNO) has announced its intention to offer and sell shares of its common stock and/or pre-funded warrants in an underwritten public offering. The company also plans to grant underwriters a 30-day option to purchase additional shares equal to 15% of the aggregate number of shares sold in the public offering. Concurrently, Soleno intends to enter into a securities purchase agreement with certain investors for up to $30 million of shares at the public offering price. The completion of the private placement is contingent upon the closing of the public offering. Guggenheim Securities, LLC, Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are acting as the joint book-running managers for the public offering and placement agents for the private placement.
September 27, 2023 | 8:10 pm
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NEUTRAL IMPACT
Soleno Therapeutics plans to offer shares in a public offering and a concurrent private placement of up to $30M. The completion of the private placement is contingent upon the closing of the public offering.
The announcement of a public offering and a concurrent private placement by Soleno Therapeutics could potentially dilute the value of existing shares, which may negatively impact the stock price. However, the funds raised could be used to further the company's research and development efforts, which could have a positive impact in the long term. The actual impact on the stock price will depend on the market's reaction to the news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100