monsitj
Hoth Therapeutics (NASDAQ:HOTH) stock tumbled 22% in afternoon trading Wednesday after it announced a direct offering of 1.1M of its common shares and a concurrent private placement of warrants to buy an additional 1.1M shares.
Hoth said it entered into a definitive agreement to sell the shares through a registered direct listing priced at-the-market under Nasdaq rules for $2.63 per share. The warrants offered through the private placement are unregistered and will have an exercise price of $2.505 per share.
The company expects the closings to occur on or around Sept. 15, with the direct offering generating gross proceeds of around $2.9M.