First Wave BioPharma rises after premium public offering

GridAI Technologies

07/10/2022 16:38

** Shares of First Wave BioPharma Inc  FWBI.O  gain ~10% to
$1.78 
    ** Co late on Thursday announced pricing of public offering
of 3.4 mln shares of its common stock and warrants at
$1.745/share and associated warrant; pricing represents a
premium of nearly 8% to stock's last close  urn:newsml:reuters.com:*:nGNX1FhlV0
    ** Co plans to use net proceeds from offering to make final
upfront payment owed to former stockholders of First Wave Bio
Inc pursuant to a settlement agreement; intends to use remaining
net proceeds for working capital and general corporate purposes
    ** H.C. Wainwright & Co is acting as exclusive placement
agent for the offering
    ** Offering is expected to close on Oct. 11
    ** Including session's gain, stock down ~96% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))