Sunshine Biopharma (NASDAQ:SBFM) stock is falling on Friday after the pharmaceutical company revealed details of a private offering for its shares.
Sunshine Biopharma has agreed to sell 5,952,381 units and pre-funded units at a purchase price of 84 cents per unit to a single healthcare-focused institutional investor. This has the company expecting to raise $5 million in gross proceeds from the private placement.
Investors will note that each of the units and pre-funded units included in this offering includes one share of SBFM stock and two warrants to buy more shares. Those warrants are exercisable for 59 cents each and expire five years after being issued.
What Else to Know About the Private Placement
Investors will keep in mind that this private placement comes after shares of SBFM rallied yesterday. That happened as a result of the company releasing earnings for the first quarter of the year. Its revenue for Q1 jumped 2,100% year-over-year to $4.89 million.
Following news of the private placement, shares of SBFM stock are seeing heavy trading on Friday. As of this writing, more than 1.8 million shares of the company’s stock have been traded. For the record, the daily average trading volume for SBFM is 1.2 million shares.
SBFM stock is down 27.6% as of Friday morning and is down 12% since the start of the year.
Investors seeking more of the most recent stock market news will want to keep reading!
We have all of the biggest stock market stories traders need to know about on Friday! Among that is our coverage of Biolase (NASDAQ:BIOL), Assure (NASDAQ:IONM), and Getaround (NYSE:GETR) stock today. You can get up to speed on all of that below!
More Friday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
