Predictive Oncology Inc (NASDAQ:POAI) is trading with mild gains in the pre-market session after falling about 15% in the previous trading session.
Major Trigger:
Predictive Oncology Announces $21.34 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
Key Highlights:
- announced that it has entered into definitive agreements with several institutional investors for the issuance and sale of an aggregate of 15,520,911 shares of its common stock and warrants to purchase up to an aggregate of 15,520,911 shares of its common stock at a purchase price of $1.375 per share of common stock and related warrant in a registered direct offering priced at-the-market under Nasdaq rules.
- The warrants have an exercise price of $1.25 per share, will become exercisable upon the Company increasing its authorized capital stock to 200 million shares, and will expire three (3) years following the date the warrants first become exercisable. The closing of the offering is expected to occur on or about June 15, 2021, subject to the satisfaction of customary closing conditions.
- H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
- The gross proceeds from the offering are expected to be approximately $21.34 million before deducting placement agent fees and other offering expenses. The Company currently intends to use the net proceeds from the offering for working capital purposes.
Market Reaction
As of 8:45, POAI stock jumped 1% to $1.12 with 42KS shares traded hands.
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