SaverOne 2014 (SVRE) said Thursday it priced a registered direct offering of about 2.2 million American Depositary Shares at $0.70 per ADS for gross proceeds of about $1.5 million.
The technology company also said that in a concurrent private placement, it will issue unregistered short-term warrants to buy up to a total of about 4.3 million ADSs, with the warrants to have an exercise price of $0.80 per ADS.
The offering of the ADSs, each representing 90 ordinary shares, is expected to close on or about Jan. 31, the company said.
SaverOne said it plans to use the net proceeds for working capital and other general corporate purposes.
Shares were down over 27% in recent trading.
Price: 0.58, Change: -0.22, Percent Change: -27.13