Soligenix Prices 7.5 Mln Public Offering At $1.35/shr; Stock Up In Pre-market

(RTTNews) - Soligenix, Inc. (SNGX), a late-stage biopharmaceutical company, on Friday priced a public offering with the purchase and sale of 5,555,560 shares of stock and warrants to purchase up to 5,555,560 shares of stock at a combined purchase price of $1.35 per share and accompanying warrant.

The offering is expected to begin around September 29.

The net proceeds from the offering are expected to be around $7.5 million and are aimed at utilising the funds for research and development and commercialisation activities, working capital, and general corporate purposes.

The company said that the existing May 2023, April 2024, and July 2024 warrants to purchase an aggregate of 1,162,064 shares of stock will be amended such that the Existing Warrants will have a reduced exercise price of $1.35 per share and shall expire commensurate with the warrants sold in the Offering.

In the pre-market trading, Soligenix is 27.1605% lesser at $1.1800 on the Nasdaq.