Pulmatrix Inc: Tumbles on direct stock-and-warrants offering

Pulmatrix

17/04/2020 12:58

** Drug developer's shares  PULM.O  fall 25.4% to $1.32
premarket on direct stock-and-warrants offering
    ** Company enters agreements with institutional and
accredited investors for sale of 4.8 mln common shares at $1.67
per shr and warrants to buy shares at $1.55 per shr 
    ** Offer price of shares represents a 5.6% discount to
stock's last close
    ** Company has market value of $36.3 mln - Refinitiv data
    ** Expects gross proceeds of $8 mln from the offering
    ** Equity raise comes after stock rose 6% on Thursday after
PULM granted license to Sensory Cloud Inc for two of its
experimental drugs 
    ** Stock has doubled in value YTD

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24; within U.S. +1 646 223 8780,
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