Abeona Prices Offering Of $75 Mln Common Stock, Warrants

(RTTNews) - Abeona Therapeutics Inc. (ABEO) announced Friday the pricing of an underwritten offering of 12,285,056 shares of its common stock and pre-funded warrants to purchase 6,142,656 shares of its common stock at $4.07 per share, matching the closing price on May 2, 2024.

The gross proceeds to Abeona from this offering are expected to be approximately $75 million.

The pre-funded warrants are priced at $4.0699 per share, which is the offering price for the common stock minus the $0.0001 per share exercise price for each warrant.

These warrants can be immediately exercised at $0.0001 per share and remain exercisable until fully utilized.

The company intends to use the net proceeds primarily to fund preparations for resubmission of its BLA and the commercialization of its product candidate pz-cel, as well as for working capital and general corporate purposes.

The closing of the offering is expected to occur on or about May 7, 2024, subject to the satisfaction of customary closing conditions.

In pre-market activity on the Nasdaq, the shares are trading at $4.23, up 3.93%.