Palatin Announces $10M Registered Direct Offering of 1.8M Shares at $5.46/Share
Portfolio Pulse from Benzinga Newsdesk
Palatin Technologies, Inc. (PTN) has announced a registered direct offering of 1.8 million shares at $5.46 per share, raising $10 million. Additionally, the company will issue warrants for the same number of shares, exercisable at $5.46, starting six months from the closing date and expiring four years later.
January 30, 2024 | 1:07 pm
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Palatin Technologies is raising $10 million through a direct offering of shares and warrants, which may dilute current shareholders but provide capital for operations and development.
The direct offering of shares typically leads to dilution of existing shareholders' equity, which can result in a negative short-term impact on the stock price. However, the capital raised is intended for further development, which could be positive in the long term.
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