WASHINGTON (dpa-AFX) - Inovio Pharmaceuticals Inc. (INO) announced the pricing of an underwritten offering of about 2.54 million shares of its common stock at an offering price of $7.693 per share and pre-funded warrants to purchase about 2.14 million shares of its common stock at an offering price of $7.692 per pre-funded warrant, in each case before underwriting discounts and commissions.
INO closed Monday's regular trading at $10.99 down $0.04 or $0.36%. In the after-hours trading the stock further dropped $2.61 or 23.75%.
The company expects gross proceeds from the offering to be approximately $36 million, before deducting underwriting discounts and commissions and estimated offering expenses.
The offering is expected to close on or about April 18, 2024, subject to customary closing conditions.
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