Phio Pharmaceuticals Corp. announced on January 15, 2025, that it has entered into definitive agreements for a registered direct offering. The company will sell an aggregate of 833,335 shares of its common stock at a purchase price of $3.00 per share, expecting to generate approximately $2.5 million in gross proceeds.
Concurrently, in a private placement, Phio will issue short-term unregistered warrants to purchase up to 1,666,670 shares of common stock. These warrants will have an exercise price of $3.00 per share, be exercisable upon issuance, and expire twenty-four months following the date of issuance. The closing of the offering is expected to occur on or about January 15, 2025.
The net proceeds from this offering are intended for working capital and other general corporate purposes. H.C. Wainwright & Co. is serving as the exclusive placement agent for this offering, which is priced at-the-market under Nasdaq rules.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.