Palisade Bio soars on stock offering

Palisade Bio

30/12/2022 18:44

** Shares of drug developer Palisade Bio Inc  PALI.O  more
than double to $6.5 in afternoon trade, set for their highest
one-day percentage gain in 5 years 
    ** Co says it has entered into agreements with certain
investors for the purchase of over 1 mln shares in a direct
offering and concurrent private placement, at a purchase price
per common share of $2.375
    ** PALI has also agreed to issue to investors, under private
placement, unregistered warrants to purchase up to 1.05 mln
shares 
    ** Co expects gross proceeds of ~$2.5 mln from offering
which is expected to close on or about Jan. 4 
    ** PALI plans to use the net proceeds for working capital
and general corporate purposes
    ** Including session moves, PALI shares are down ~89.8% YTD
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))