FX.co ★ GRI Bio Announces Pricing Of $5.5 Mln Public Offering, Stock Down

On Friday, biotechnology firm, GRI Bio, Inc. (GRI) revealed the pricing of its public stock offer, pegged at $1.10 for each of the 5,000,000 common shares available for purchase and sale. This announcement caused a 27% dip in the value of the company's stock.

Besides the opportunity to purchase shares, potential investors can secure Series B-1 and Series B-2 warrants, with each set giving them the chance to buy up to 5,000,000 common shares.

The exercise price for both Series B-1 and B-2 Warrants is also $1.10 per share. They become exercisable immediately after being issued. The B-1 Warrants will be valid for five years, while the B-2 Warrants will only last for eighteen months.

From this public offering, GRI expects to raise gross proceeds of approximately $5.5 million. The net earnings are earmarked for enhancing the company's working capital and addressing other general corporate responsibilities.

The finalization of the public offering is projected to occur around February 6, 2024. A.G.P./Alliance Global Partners will act as the exclusive placement agent for this transaction.

At present, stocks of GRI Bio, Inc. are trading on Nasdaq for $1.41 per share, recording a 27.69% downward adjustment, equivalent to $0.54 per share. Over the last year, the share price fluctuated between $1.51 and $93.31.