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Investing.com -- Rani Therapeutics Holdings Inc (NASDAQ:RANI) stock plunged 35.8% after the clinical-stage biotherapeutics company announced a registered direct offering that will raise approximately $3 million in gross proceeds.
The company, which focuses on oral delivery of biologics and drugs, entered into a securities purchase agreement with a single institutional investor. The deal includes the sale of 4,354,000 shares of Class A common stock at $0.40 per share and pre-funded warrants to purchase 3,146,000 additional shares at $0.3999 per share.
The offering price of $0.40 represents a significant discount to the company’s recent trading price, which appears to be driving the sharp sell-off in the stock. Maxim Group LLC is acting as the sole placement agent for the transaction.
The pre-funded warrants come with an exercise price of $0.0001 per share of Class A common stock. Rani Therapeutics expects the offering to close around July 16, 2025, subject to customary closing conditions.
The company noted that the gross proceeds of approximately $3 million do not account for placement agent fees and other offering expenses, nor any potential proceeds from the exercise of the pre-funded warrants.
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