Tenax Therapeutics (NASDAQ:TENX) stock is soaring higher on Tuesday after the company announced the completion of an oversubscribed private placement for its shares.
This oversubscribed private placement has Tenax Therapeutics expecting $100 million in gross proceeds. The company will use this money to continue its Phase 3 LEVEL trial, to start a second Phase 3 trial and for other general purposes.
The private placement was led by new investor BVF Partners LP alongside several other investors. It includes 1.45 million shares of TENX stock as well as warrants for additional shares.
TENX Stock Warrants Details
Those warrants are split into two groups. The first are pre-funded warrants for 31.88 million shares while the second are warrants for another 16.66 million shares. The purchase price of the shares and warrants was $3. These warrants have an exercise price of $4.50 per share.
The pre-funded warrants are exercisable immediately and don’t expire. The other warrants are exercisable under certain conditions. That includes 30 days after the reporting of topline results from its Phase 3 LEVEL trial, the exercise of the holder’s pre-funded warrants or five years after the closing date of the private placement.
TENX stock is up 29.9% as of Tuesday morning.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news traders need to know about on Tuesday! A few examples include what’s happening with shares of Cassava Sciences (NASDAQ:SAVA), Palantir (NYSE:PLTR) and Aqua Metals (NASDAQ:AQMS) stock. All of this news is ready to go at the links below!
More Stock Market News for Tuesday
- Cassava Sciences News: Why Is SAVA Stock Trending Today?
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- Why Is Aqua Metals (AQMS) Stock Down 27% Today?
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
