HCW Biologics (HCWB) disclosed late Monday an agreement for a single institutional investor to purchase about 6.7 million shares in a registered direct offering priced above market under Nasdaq rules.

In a concurrent private placement, the company also agreed to issue unregistered warrants to purchase up to an aggregate of about 6.7 million shares.

The combined effective offering price for each share and accompanying warrants is $1.03. The warrants will have an exercise price of $1.03 per share, be exercisable immediately, and expire five years after the issuance date.

The gross proceeds from the registered direct offering and concurrent private placement are estimated to be about $6.9 million.

The offering will likely close on or about Nov. 20.

Shares of the company were up over 37% in premarket activity Tuesday after closing up 311% in regular trading on Monday.

Price: 1.7100, Change: +0.47, Percent Change: +37.90