Jupiter Wellness stock slumps ~35% on $4.1M direct, private offerings
Jan. 19, 2023 11:06 AM ETJupiter Wellness, Inc. (JUPW), JWACBy: Ravikash, SA News Editor
- Jupiter Wellness (NASDAQ:JUPW) stock fell ~38% on Thursday after the company announced a registered direct offering and a private placement to raise gross proceeds of ~$4.1M.
- The company signed agreement to sell ~4.32M shares in a registered direct offering.
- In a concurrent private placement, the company also agreed to issue to the same investors a total of ~8.63M warrants to buy up to one common stock at $1 per share.
- About ~4.32M warrants will have a 3-year term while ~4.32M warrants will have a 5-year term from the initial exercise date.
- The purchase price of one share, one 3-year warrant and one 5-year warrant is $0.95, according to the company.
- The total gross proceeds from both transactions are expected to be ~$4.1M.
- The transactions are expected to close by Jan. 23, subject to conditions.