T2 Biosystems sinks on highly dilutive stock-and-warrants offering

T2 Biosystems

15/02/2023 12:59

** T2 Biosystems Inc's  TTOO.O  shares down 26% to record
low 80 cents before the bell as in vitro diagnostics firm's
follow-on prices
    ** Sepsis-detecting co sells 11.1 mln shares and warrants to
buy up to 22.2 mln shares at $1.08 for $12 mln raise
 urn:newsml:reuters.com:*:nGNX2rtxVt
    ** Co has ~7.3 mln shares outstanding and ~7.2 mln shares of
public float, per Refinitiv
    ** On Tues, TTOO shares tumbled 22.9% to close at $1.08
after co launched offering for working capital and general
purposes
    ** Co estimates it had ~$12 mln of cash at end-Dec
    ** Craig-Hallum acting as sole underwriter for the 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))