Aptevo Therapeutics (APVO) shares slumped nearly 34% in recent trading Thursday after the company announced the exercise of its warrants at a discount.
Holders of the company's previously issued warrants agreed to exercise the securities for 823,544 shares at $7.50 apiece, netting Aptevo $6.2 million in gross proceeds.
Aptevo will also issue new warrants to the investors to buy up to 1,647,088 shares at an exercise price of $9.53, it said.
Aptevo said it will use the funds for working capital and general corporate purposes. The offering is expected to close by Friday.
Price: 6.65, Change: -3.36, Percent Change: -33.57
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