Verrica Pharmaceuticals (NASDAQ:VRCA) has priced a securities offering to raise around $42M.
The offering comprises 44.96M shares of VRCA common stock, in lieu of common stock to certain investors that so choose, and pre-funded warrants to purchase 2.24M shares, and in either case, accompanying warrants.
The Series A warrants, to purchase 23.6M shares, are exercisable at $1.0680 per share. The Series B warrant, to purchase 23.6M shares, are exercisable at $1.3350 per share.
The combined public offering price is $0.89 per share of common stock and accompanying Series A and Series B warrants.
Verrica (VRCA) also granted the underwriter a 30-day option to purchase up to 7.08M additional shares of the company’s common stock and/or Series A warrants to purchase up to 3.54M additional shares and Series B warrants to purchase up to 3.54M additional shares.
The gross proceeds from the offering are expected to be approximately $42M.
VRCA shares were down around 10% Thursday premarket.
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