Investing.com – shares fell 26.5% on Thursday after the company announced the pricing of a dilutive stock offering.
The Phase 3 clinical-stage biotechnology company proposed an underwritten offering of 5,263,156 shares of common stock at $1.90 per share, accompanied by warrants to purchase up to 5,263,156 additional shares. Each warrant has an exercise price of $2.50 per share and will be exercisable six months after issuance and will expire five years and six months after the date of issuance.
The shares and warrants will be issued separately but can only be purchased together as part of the offering. Annovis expects to receive gross proceeds of approximately $10 million before deducting underwriting discounts, commissions and other offering expenses. The proceeds exclude any potential future proceeds from the exercise of warrants.
The offering is expected to close on or about April 10, 2026, subject to customary closing conditions. Canaccord Genuity acts as sole bookrunner for the transaction.
Annovis is developing Buntanetap, an investigational oral therapy for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease.
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