DJ Aethlon Medical Shares Drop 23% After Direct Offering Prices
By Chris Wack
Aethlon Medical Inc. shares fell 23% to $8.30 after the company said it has entered into a registered direct offering with a single institutional investor for 1.4 million common shares at $9 a share, priced at-the-market under Nasdaq rules.
The closing of the offering is expected to occur on or about Monday.
The gross proceeds to Aethlon are expected to be $12.4 million.
The company said it intends to use the proceeds from the offering for working capital and other general corporate purposes.
Aethlon Medical shares ended Wednesday's session up 388% in heavy trade. The stock hit its 52-week high of $12.49 Wednesday.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 10, 2021 10:17 ET (14:17 GMT)
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