Checkpoint Therapeutics tumbles on stock-and-warrants offering

Checkpoint Therapeutics

31/07/2023 14:14

** Shares of Checkpoint Therapeutics Inc  CKPT.O  down ~16%
at $2.60 premarket after equity raise
    ** Skin cancer drug developer says sold ~3.2 mln shares,
along with Series A and Series B warrants to buy up to same
amount of shares each, at $3.09 in $10 mln direct offering
    ** Both series of warrants exercisable immediately with
exercise price of $2.84
    ** Co had ~15.6 mln shares outstanding, per Refinitiv data
    ** Checkpoint says plans to use net offering proceeds for
working capital, general purposes, including manufacturing and
pre-commercial activities for cosibelimab, per SEC filing
    ** H.C. Wainwright acting as exclusive placement agent for
offering
    ** YTD, shares down 39% through Fri close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))