Cadrenal Therapeutics falls on $7.5 mln private placement

Cadrenal Therapeutics

13/07/2023 10:12

** Shares of biopharmaceutical co Cadrenal Therapeutics Inc
 CVKD.O  down 7.1% at $2.1, before the bell
    ** Co on Wednesday entered into securities purchase
agreement expected to result in gross proceeds of about $7.5 mln
    ** Under terms of agreement, co to issue and sell  4.3 mln
shares of common stock at $1.75 per share in private placement
priced at-the-market under Nasdaq rules
    ** Co also agreed to issue unregistered warrants in offering
to purchase up to 4.3 mln shares of common stock
    ** Stock offering is priced at about 22% discount on stock's
last close
    ** As of the last close, stock trading flat YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))