Provectus prices equity offering; shares plummet 48%

• Thinly traded nano cap Provectus Biopharmaceuticals (OTC:PVCT -48%) slumps on a 4x surge in volume in response to the pricing of its "best efforts" public equity offering.
• The company is offering 240K shares of Series B Convertible Preferred Stock, initially convertible into an aggregate of 24M shares of common stock, and warrants to purchase up to 24M shares of common at a price of $25 for a combination of one Series B share and one immediately exercisable five-year warrant to purchase one share of common at $0.275.
• If successful, gross proceeds will be ~$6M. Closing date is August 30.
• Net proceeds will fund clinical development, working capital and general corporate purposes.