Neptune Wellness plunges on deep-discounted equity offering

Neptune Wellness Solutions

22/09/2023 11:05

** Neptune Wellness Solutions Inc  NEPT.O  shares plunge
~41% to $2.37 premarket after follow-on prices
    ** Canadian-based consumer-packaged goods co late Thurs
announced 1.8 mln shares, and warrants to buy up to additional
1.8 mln shares, at $2.50 for $4.5 mln raise
    ** Offering price represents 38% discount to stock's last
sale
    ** NEPT plans to use net offering proceeds for working
capital, including payment of accounts payable due to suppliers
    ** Co has ~603,000 shares outstanding
    ** YTD, stock down 68% through Thurs close
    ** Alliance Global Partners sole placement agent for equity
offering

 (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))