Shares Surge Following Successful Funding Round
Date: September 25, 20XX
Acasti Pharma, a late-stage biopharma company, announced today the successful completion of a private placement, raising an impressive $7.5 million. Subsequently, the company’s stock experienced a notable surge, increasing by 37% to reach $2.43 in early trading. Despite this positive development, shares remain 21% lower than the start of the year.
During the private placement, Acasti Pharma issued and sold over 1.9 million shares and prefunded warrants for the purchase of up to 2.1 million shares. The purchase price for each share or prefunded warrant was set at approximately $1.85. Additionally, the company issued and sold accompanying common warrants, allowing the purchase of up to 2.5 million shares.
Notably, each common warrant holds the ability to acquire one share at a price of $3. These warrants will be valid for a duration of either five years or 60 days after the U.S. Food and Drug Administration (FDA) accepts Acasti’s new drug application for their product candidate GTX-104.
The private placement officially closed on September 25, marking a significant milestone for Acasti Pharma’s growth.