Nvidia’s results, Indian tariffs, French markets - what’s moving markets
BEIJING - LakeShore Biopharma Co., Ltd (NASDAQ:LSB), a biopharmaceutical company focused on vaccines and therapeutic biologics with a current market capitalization of $18.71 million, announced Tuesday it has entered into a share and warrant purchase agreement with an institutional investor for a $15 million private placement. The announcement comes as the company’s stock trades near its 52-week low of $0.87, having declined over 71% year-to-date according to InvestingPro data.
Under the agreement, the company will issue and sell 16,987,542 ordinary shares at $0.883 per share, along with an equal number of warrants. Each warrant entitles the investor to purchase one ordinary share at an exercise price of $1.079 during a 36-month period.
The private placement is exempt from registration pursuant to Regulation S under the Securities Act of 1933 and is expected to close as soon as possible, subject to customary conditions.
LakeShore Biopharma develops vaccines and therapeutic biologics for infectious diseases and cancer. The company did not specify in its press release statement how it plans to use the proceeds from this financing.
The transaction comes at a time when many biotech companies are seeking additional capital to fund research and development activities amid challenging market conditions.
The private placement is being conducted with a single institutional investor, though the identity of this investor was not disclosed in the company’s announcement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.