Phio Pharmaceuticals shares are trading lower after the company announced it will exercise warrants for $2.8 million in gross proceeds.
Portfolio Pulse from Benzinga Newsdesk
Phio Pharmaceuticals' stock is trading lower following the company's announcement of exercising warrants to raise $2.8 million in gross proceeds.
December 07, 2023 | 5:12 pm
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NEGATIVE IMPACT
Phio Pharmaceuticals' stock price is experiencing a downturn after the announcement of warrant exercises for additional capital.
The exercise of warrants typically leads to dilution of existing shares, which can cause a short-term negative impact on the stock price as investors adjust to the increased share count and potential dilution of earnings per share.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100