According to a press release, Neptune Wellness Solutions is offering up 1.8 million shares of NEPT stock at a price of $2.50 each. The company notes that each of these shares also comes with a warrant to acquire another share.
Neptune Wellness Solutions expects to raise $4.5 million from the public stock offering. The company also notes that the warrants included in the offering have an exercise price of $2.50 per share. They are immediately exercisable and expire five years after being issued.
Neptune Wellness Solutions already has plans for the funds it expects to raise from the stock offering. The company says it will use them for working capital. That includes payments of accounts payable due to suppliers.
NEPT Stock Warrant Changes
To go along with this new stock offering, Neptune Wellness Solutions announced a change to previously issued warrants. The company is changing the exercise price of warrants issued in October 2020, February 2021, March 2022, June 2022, October 2022 and May 2023.
These warrants represent the right to acquire another 478,132 shares of NEPT stock. With this change, the company is adjusting the exercise price of these warrants to $2.50. Prior to this, the exercise price for these warrants ranged from $13.20 to $3,150.
NEPT stock is down 43.8% as of Friday morning.
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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.