Kineta, Inc. Announces $3M Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
Portfolio Pulse from Benzinga Newsdesk
Kineta, Inc. (NASDAQ:KA) has announced a registered direct offering of 890,208 shares of common stock at $3.37 per share, expected to generate approximately $3 million in gross proceeds. The company will also issue unregistered warrants to purchase up to 890,208 shares of common stock at $3.25 per share. The offering is expected to close on October 5, 2023. The proceeds will be used for working capital purposes.
October 04, 2023 | 12:07 pm
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Kineta's registered direct offering could potentially dilute existing shareholders' equity, but it will provide the company with additional working capital.
The offering could dilute the value of existing shares, which may negatively impact the stock price in the short term. However, the additional capital could support the company's operations and potentially lead to long-term growth.
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