- Wednesday, October 16, 2024
Checkpoint Therapeutics, a biopharmaceutical company, saw its shares decline by 16% to $2.60 during premarket trade following the announcement of a $10 million registered direct offering.
Offering Details
As part of the offering, Checkpoint Therapeutics agreed to issue and sell a total of 3.2 million shares. The offering also includes series A warrants that allow the purchase of up to 3.2 million shares and series B warrants that allow the purchase of up to 3.2 million shares. The shares and warrants are priced at $3.09 per share.
The series A warrants will be exercisable immediately upon issuance, with an expiration date set for five years after the issuance date. These warrants have an exercise price of $2.84 per share. On the other hand, the series B warrants will also be exercisable immediately upon issuance but will expire eighteen months after the issuance date. The exercise price for these warrants is also $2.84 per share.
Usage of Proceeds
Checkpoint Therapeutics plans to utilize the proceeds from this offering for working capital and general corporate purposes. These include important activities such as the manufacturing of cosibelimab, as well as certain pre-commercial activities in anticipation of potential approval and commercial launch.
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