Home News Longeveron Shares Decline by 26%

Longeveron Shares Decline by 26%

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Longeveron shares saw a significant drop of 26%, falling to $1.20, following the company’s announcement of a definitive agreement for the issuance and sale of 1.4 million shares. This offering, priced at $1.62 per share, is registered under a direct offering.

Stock Hits 52-Week Low

During the session, Longeveron’s stock reached its lowest point of the year at $1.15, highlighting the company’s struggles. Over the past 12 months, the stock has experienced a substantial decline of 60%.

Additional Sale of Unregistered Warrants

In addition to the direct offering, Longeveron has agreed to sell unregistered warrants for up to 1.4 million shares as part of a concurrent private placement. These warrants, with an exercise price of $1.62 per share, will become exercisable immediately upon issuance and will remain valid for five-and-one-half years from the date of issuance.

Closing and Expected Proceeds

The offering is set to close by Tuesday. Once completed, Longeveron anticipates net proceeds of approximately $2.36 million after deducting fees and other expenses payable by the company. The funds are intended for working capital and general corporate purposes.

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