Palatin Technologies Announces $5M Registered Direct Offering
Portfolio Pulse from Benzinga Newsdesk
Palatin Technologies has announced a $5M registered direct offering. The company will issue and sell 2,358,491 shares of its common stock at a purchase price of $2.12 per share. Additionally, Palatin will issue warrants to purchase up to an aggregate of 2,358,491 shares of common stock at an exercise price of $2.12 per share.
October 23, 2023 | 11:39 am
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Palatin Technologies is issuing a $5M registered direct offering. This could potentially dilute the value of existing shares, impacting the stock price.
The issuance of new shares often leads to dilution of the value of existing shares, which can negatively impact the stock price. Given the size of the offering, this is likely to have a significant impact on Palatin's stock price.
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