Thinly traded nano cap CorMedix (CRMD -34.6%) slumps on 4x higher volume in response to its upsized equity offering of ~16.2M shares of common stock and two tranches of warrants for a combined price of $0.75.
Tranche 1 warrants to purchase up to ~12.1M shares of common at $1.05 are immediately exercisable and are valid for five years. Tranche 2 warrants to purchase ~12.1M shares of common are exercisable at $0.75 per share and will be valid for 13 months following the exercisable date.
Underwriters over-allotment is an additional 1,999,999 shares of common stock and/or warrants to purchase 2,999,998 shares of common.
Yesterday's close was $1.04.