Acrivon Therapeutics (NASDAQ:ACRV) stock is rocketing higher on Tuesday after the clinical-stage biopharmaceutical company announced a $130 million private placement.
This new funding comes from a private investment in public equity (PIPE) with existing and new accredited investors. This has the company selling 8.23 million shares of ACRV stock for $8.50 per share.
The offer also includes pre-funded warrants for 7.06 million shares being sold for $8.49 each. The exercise price for these warrants is one penny. They are exercisable immediately and will remain so until exercised in full.
Acrivon Therapeutics notes that it has several healthcare and life sciences investors. Among them are RA Capital Management, Perceptive Advisors, Paradigm BioCapital, Surveyor Capital, Sands Capital and Acorn Bioventures.
What This Means for ACRV Stock
Traders are excited about today’s news as it grants Acrivon Therapeutics additional funds for the development of its product pipeline. The company says the money will help it further develop ACR-368, ACR-2316 and its “undisclosed cell cycle regulatory program.” It will also see other uses.
ARCV stock is up 54.9% as of Tuesday morning. That comes with more than 14 million shares traded. This is above its daily average trading volume of about 73,000 shares.
We have more hot stock market news ready to go today!
There are more stock market stories that traders need to know about on Tuesday! A few examples include what’s happening with shares of Destiny Tech100 (NYSE:DXYZ), Laser Photonics (NASDAQ:LASE) and Tilray Brands (NASDAQ:TLRY) stock today. All of this news is available at the links below!
More Stock Market News for Tuesday
- DXYZ Stock: What to Know About the New Destiny Tech100 Fund Taking Over Wall Street
- Why Is Laser Photonics (LASE) Stock Up 130% Today?
- TLRY Stock Alert: Cannabis Legalization Hopes May Not Be Enough for Tilray
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On the date of publication, William White did not hold (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.
