Eledon Pharmaceuticals Has Priced Its Underwritten Offering Of 18.4M Shares At $3.65/Share And Pre-funded Warrants To Purchase Up To 4.9M Shares At $3.649/Pre-funded Warrant, With Gross Proceeds Of Approximately $85M
Portfolio Pulse from Benzinga Newsdesk
Eledon Pharmaceuticals has announced the pricing of its underwritten offering, which includes 18.4 million shares at $3.65 per share and pre-funded warrants for 4.9 million shares at $3.649 per warrant, aiming to raise approximately $85 million.
October 29, 2024 | 11:59 am
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Eledon Pharmaceuticals has priced its underwritten offering of 18.4 million shares at $3.65 per share and pre-funded warrants for 4.9 million shares at $3.649 each, with expected gross proceeds of $85 million.
The offering of new shares and warrants typically leads to a dilution of existing shares, which can put downward pressure on the stock price in the short term. The pricing of the shares and warrants at $3.65 and $3.649 respectively suggests a potential discount to the current market price, which may also contribute to a negative short-term impact on the stock price.
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