Silo Pharma Proposes $2.1M Registered Direct Offering Of 763,638 Shares Of Common Stock At A Purchase Price Of $2.75 Per Share, Priced At-The-Market Under Nasdaq Rules
Portfolio Pulse from Benzinga Newsdesk
Silo Pharma, Inc. (NASDAQ:SILO) announced a $2.1M registered direct offering of 763,638 shares of common stock at $2.75 per share, priced at-the-market under Nasdaq rules. The company will also issue unregistered warrants for the same number of shares at the same price in a concurrent private placement. The offering is expected to close around July 22, 2024, with H.C. Wainwright & Co. acting as the exclusive placement agent.
July 19, 2024 | 12:02 pm
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Silo Pharma announced a $2.1M registered direct offering of 763,638 shares at $2.75 per share, along with unregistered warrants for the same number of shares. The offering is expected to close around July 22, 2024.
The issuance of new shares and warrants typically dilutes existing shareholders' equity, which can lead to a short-term decrease in stock price. However, the funds raised could be beneficial for the company's development projects in the long term.
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