Apricus prices equity offering at $1.40/unit; shares off 2% premarket

|About: Apricus Biosciences, Inc (APRI)|By:, SA News Editor

Thinly traded nano cap Apricus Biosciences (NASDAQ:APRI) slips 2% premarket on average volume in response to the pricing of its public offering of 5.03M units at $1.40 per unit.

Each unit consists of one share of common stock and one five-year warrant to purchase 0.75 of a share of common at $1.55. The warrants become exercisable only after the company receives shareholder approval to increase the number of authorized shares to 30M.

Net proceeds will fund the re-submission of the Vitaros NDA, working capital and general corporate purposes.

Yesterday's close was $1.37.