Sonnet BioTherapeutics Raises $3.4 Million in Gross Proceeds through Exercise of Warrants
Sonnet BioTherapeutics Holdings, Inc.(NASDAQ:SONN) has announced the exercise of certain outstanding warrants for the immediate purchase of 2,828,500 shares of common stock at a reduced price of $1.20 per share.This agreement is expected to result in gross proceeds of $3.4 million for the clinical-stage company developing targeted immunotherapeutic drugs.
This move comes as Sonnet BioTherapeutics seeks to strengthen its financial position and advance its pipeline of innovative treatments.With 4.885845 million shares outstanding and a current stock price of $1.53, the exercise of warrants represents a strategic financial decision for the company.
The closing of the offering is scheduled for June 21, 2024, pending the satisfaction of customary closing conditions.Sonnet BioTherapeutics continues to make strides in the field of immunotherapy, and this latest development is a testament to its commitment to delivering groundbreaking therapies to patients in need.
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