Annovis Bio slides after $21 mln stock offering

Annovis Bio

03/02/2025 11:52

** Shares of drug developer Annovis Bio  ANVS.N  drop 17.7%
to $4.01 premarket
    ** ANVS announces pricing of public offering of 5.25 mln
shares of common stock and warrants at $4/shr for gross proceeds
of $21 mln
    ** Stock offering priced at a 17.9% discount to stock's last
close     
    ** ThinkEquity was the sole book-running manager for the
offering
    ** ANVS plans to use the proceeds for working capital and
general purposes, including the development of its lead
experimental drug, Buntanetap
    ** Prior to offering, ANVS had ~14.3 mln outstanding shares,
per SEC filing, giving it a market cap of $69.3 mln as of last
close  
    ** ANVS stock slumped 73.1% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((mailto:ArasuKannagi.Basil@thomsonreuters.com;))