Palatin Technologies, Inc. (PTN) has formally announced agreements with a healthcare-focused institutional investor for the direct sale of 4.6 million shares at a price of $1.00 per share. This transaction is expected to generate approximately $4.7 million for the company.
Simultaneously, the company will issue warrants corresponding to the same number of shares. These warrants will become exercisable in six months, each priced at $1.00 per share, valid for five and a half years. The completion of this offering is anticipated by February 10.
In pre-market trading on the New York Stock Exchange, PTN shares are currently valued at $0.98, reflecting a decrease of 0.47 percent.
