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Investing.com -- Aptorum Group Limited (NASDAQ:APM) stock tumbled 23% following the announcement of a registered direct offering and concurrent private placement to raise $2 million.
The clinical stage biopharmaceutical company revealed it has entered into definitive agreements to sell 1,000,000 Class A ordinary shares at $2.00 per share. In a parallel private placement, Aptorum will issue unregistered warrants to purchase up to 2,000,000 Class A ordinary shares at an exercise price of $2.00 per share, exercisable upon issuance with a 24-month expiration period.
H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which is expected to close around October 14, 2025, subject to customary closing conditions.
The company plans to use the proceeds to fund expenses related to its previously announced merger agreement with DiamiR Biosciences Corp. and for general working capital of both companies pending the merger’s anticipated closing. The merger remains contingent on several factors, including approval by Aptorum’s shareholders.
If the unregistered warrants are fully exercised on a cash basis, Aptorum could receive additional gross proceeds of $4 million, though the company noted there is no assurance that any warrants will be exercised.
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