Petros Pharmaceuticals (PTPI) said Tuesday it has priced a public offering of about 40 million shares, or pre-funded warrants, with each share accompanied by a Series A warrant to buy 0.25 share at an exercise price of $0.48 per 0.25 share, and a Series B warrant to buy one share at an exercise price of $0.48 per share.
The combined public offering price of each share with the accompanying Series A warrant and Series B warrant is $0.24, and the combined public offering price of each pre-funded warrant together with the accompanying Series A warrant and Series B warrant is $0.2399, Petros said.
The gross proceeds of the offering are expected to be $9.6 million, the company said.
Net proceeds of the offering, expected to close on or about Wednesday, will be used for working capital and general corporae purposes, the company said.
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