Entero Therapeutics (ENTO) stock took off on Monday after the clinical-stage biopharmaceutical company focused on gastrointestinal diseases announced a $3 million private placement. This offering includes 4,878,841 pre-funded warrants and 9,757,682 common warrants to purchase shares of ENTO stock that have been priced at the market.
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The combined price for one pre-funded warrant and two common warrants is $0.6149. The pre-funded warrants are immediately exercisable for $0.00001 and may be exercised at any time until done so in full. The initial exercise price of each common warrant is $0.3649 per share. The units are immediately exercisable and expire 60 months after the effective date of the resale registration statement or the date that such shares can be resold without restriction or limitation.
Entero Therapeutics expects $1 million of the money to be paid when the private placement is closed. The other $2 million will be paid when the resale registration statement is declared effective. Entero Therapeutics intends to use the money from this offering for general corporate purposes and working capital.
Entero Therapeutics Stock Movement Today
Entero Therapeutics stock was up 55.08% during pre-market trading on Monday, following a 6.2% drop on Friday. The shares have fallen 41.15% year-to-date but remain up 28.94% over the past 12 months. Today’s news saw some 66 million shares traded, compared to a three-month daily average of about 988,630 units.
