Shares of Codiak BioSciences (NASDAQ: CDAK) dropped in pre-market trading on Tuesday as the clinical-stage biopharmaceutical company announced the pricing of 13.3 million shares and accompanying warrants to purchase at a combined public offering price of $1.50 per share, together with the warrants, for gross proceeds of around $20 million.
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The warrants have an exercise price of $1.875 per share which can be exercised immediately and will expire five years from the date of issuance.
The offering is expected to close on September 15, 2022.