Briacell Therapeutics Corp (NASDAQ:BCTX) continues to see buying pressure as the stock has already soared 75% over the past week and recently made a new 52-week high.
Major Trigger:
BriaCell Therapeutics Corp. Announces Closing of US$27.2 Million Private Placement
Key Highlights:
- announced that it has closed its previously announced private placement of (i) 4,370,343 common shares at a purchase price of US$5.26, (ii) 800,000 pre-funded common share purchase warrants at a purchase price of US$5.25 (exercisable at any time after the date of issuance at an exercise price of US$0.01 per common share) and (iii) 5,170,343 warrants to purchase up to 5,170,343 common shares, which resulted in gross proceeds to BriaCell of US$27.2 million, before deducting offering expenses (the “Offering”).
- The Company expects to use the net proceeds of the private placement to further advance its research and development pipeline and for general corporate purposes.
- The securities offered and sold by BriaCell in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements.
- BriaCell has agreed to file a registration statement with the SEC covering the resale of the shares of common stock and shares underlying the warrants issued in the private placement. Any resale of BriaCell’s shares under such resale registration statement will be made only by means of a prospectus.
Market Reaction
As of 7:14, BCTX stock jumped 2.15% to $5.69. So far the stock has traded 9K shares traded hands.
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