Altimmune (NASDAQ:ALT) has entered into a purchase agreement with several institutional investors for the purchase of common units and pre-funded units for a combined total of 4,629,630 units in a registered direct offering, for expected gross proceeds of ~$25M.
Each common unit has an offering price of $5.40 and consists of one share of common stock and a warrant to purchase one share of common stock.
Each pre-funded unit is being sold at an offering price of $5.39 and consists of a pre-funded warrant to purchase one share of common stock and a warrant to purchase one share of common stock at an exercise price of $5.40.
The public offering price of each pre-funded unit is equal to the price of each common unit, minus $0.01.
Net proceeds will be used for the development activities for Altimmune's product pipeline, general corporate purposes and strategic growth opportunities.
Closing date is October 10.
Shares are down 31% premarket.
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