Kiora Pharmaceuticals (NASDAQ:KPRX) stock is falling hard on Friday after the company revealed details of a public share offering.
The offering has Kiora Pharmaceuticals selling 1,447,628 shares of KPRX stock. It also includes 3,908 shares of Series F Convertible Preferred Stock, as well as 5,000,000 Class C warrants and 5,000,000 Class D warrants.
The shares included in this offering are being sold for $1.10 each. That’s also the exercise price of the Class C and Class D warrants in the offering. All in all, the company expects to raise $5.5 million in gross proceeds from the stock offering.
In addition to this, Kiora Pharmaceuticals is offering underwriters the option to acquire another 750,000 shares of KPRX stock and Class C and Class C warrants to purchase another 750,000 shares each. Ladenburg Thalmann & Co. Inc., the sole book-running manager of the offering, has 45 days to exercise this option.
KPRX Stock Reaction
Investors aren’t handling the stock offering news well today with shares of KPRX falling. That makes sense as the offering increases the outstanding number of shares, which reduces shareholders’ stakes in the company. It’s also priced below the stock’s $1.66 closing price on Thursday, which doesn’t help matters.
With today’s stock offering news comes heavy trading of KPRX stock. As of this writing, more than 873,000 shares have been traded. That’s already well above the company’s daily average trading volume of about 59,000 shares.
KPRX stock is down 49.1% as of Friday morning.
There’s even more stock market news traders will want to read about below!
We’ve got all of the hottest stock market news ready to go for investors on Friday! A few examples include why shares of Better Choice (NYSEMKT:BTTR) stock and Yunji (NASDAQ:YJ) stock are up, well as as the biggest pre-market stock movers this morning. You can read all of this news at the following links!
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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.
