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Addex Therapeutics Stock Falls
Description
Addex Therapeutics ($ADXN@Switzerland) will sell 3.75 million shares to Armistice Capital in the form of more than 600,000 American Depositary Shares at $6.50 per ADS. Each ADS represents 6 shares. Additionally, Addex will issue Armistice Capital warrants to purchase up to 9.23 million in the form of 1.54 million ADSs and pre-funded warrants to purchase up to nearly 5.5 million shares. The warrants have an exercise price of $6.50 per ADS. The gross proceeds to Addex will be $10 million. The company will use the net proceeds to advance its clinical and preclinical pipeline. The offering will close by December 21. Addex shares are down more than 7% at $6.66 during the premarket session on the last check Friday.
Keywords & Tags
#finance
#biotech
#inflation
#business
#economic recovery
#big pharma
#medicine
#pharmaceutical
#economic growth
#Switzerland
#pharmacy
#economic outlook
#Equity
#Addex Therapeutics
#Stock Falls
#10 Million Capital Raise
#Armistice Capital
#600000 American Depositary Shares
#ADS
#Addex
#pre-funded warrants
#preclinical pipeline
#clinical-stage pharmaceutical company
#molecule drugs
#allosteric modulators
#neurological disorders
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