Fortress Biotech Prices $8M Registered Direct Offering Of 3,939,394 Shares At $1.65/Share; In Concurrent Private Placements To Issue To Investors Warrants To Purchase 3,939,394 Shares Of Common Stock At $1.84/Share
Portfolio Pulse from Benzinga Newsdesk
Fortress Biotech has announced an $8 million registered direct offering, pricing 3,939,394 shares at $1.65 each. Concurrently, the company will issue warrants in private placements for the same number of shares at $1.84 per share.
September 20, 2024 | 12:33 pm
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Fortress Biotech is conducting an $8 million registered direct offering, issuing 3,939,394 shares at $1.65 each. Additionally, it will issue warrants for the same number of shares at $1.84 in private placements.
The direct offering and issuance of warrants suggest potential dilution of existing shares, which could pressure the stock price downward in the short term. The offering price is below the warrant exercise price, indicating a potential undervaluation or need for capital.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100