- The stock price of Citius Pharmaceuticals Inc (NASDAQ: CTXR) is trading at over 10% pre-market. This is why it happened.
The stock price of Citius Pharmaceuticals Inc (NASDAQ: CTXR) — a specialty pharmaceutical company focused on developing and commercializing critical care drug products — is trading at over 10% pre-market as of 6:58 AM ET. Investors are responding to Citius Pharmaceuticals announcing that it has closed its previously announced sale of an aggregate of 50,830,566 shares of its common stock and accompanying warrants to purchase up to an aggregate of 25,415,283 shares of its common stock at a purchase price of $1.505 per share and accompanying warrant in a registered direct offering priced at-the-market under Nasdaq rules.
The warrants have an exercise price of $1.70 per share, are immediately exercisable, and will expire five years from the issue date.
And the aggregate gross proceeds to the company from the offering are approximately $76.5 million, before deducting the placement agent fees and other offering expenses payable by the company. And Citius currently intends to use the net proceeds from the offering for general corporate purposes, including pre-clinical and clinical development of our product candidates and working capital and capital expenditures.
H.C. Wainwright & Co. had acted as the exclusive placement agent for the offering.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.