Breaking News: Sonnet BioTherapeutics Secures $3.9 Million in Funding Through Registered Direct Offering and Private Placement Under Nasdaq Rules!
PRINCETON, NJ, Dec. 09, 2024 (GLOBE NEWSWIRE)
Sonnet BioTherapeutics Holdings, Inc. (the “Company” or “Sonnet”) (NASDAQ:SONN), a clinical-stage company developing targeted immunotherapeutic drugs, announced today that it has entered into a definitive agreement with institutional investors for the purchase and sale of an aggregate of 1,085,325 shares of its common stock (or common stock equivalents in lieu thereof) (the “Registered Direct Shares”) and warrants to purchase up to an aggregate of 1,085,325 shares of common stock (the “Registered Direct Warrants”), in a registered direct offering. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold in the registered direct offering together with one common warrant at a combined offering price of $2.23, priced at-the-market under the rules of the Nasdaq Stock Market.
The Registered Direct Warrants will have an exercise price of $2.10 per share, are immediately exercisable and will expire five years from the date of issuance. The Company has also entered into a definitive agreement with an existing investor, in a concurrent private placement, for the purchase and sale of an aggregate of 673,000 shares of its common stock (or common stock equivalents in lieu thereof) (the “PIPE Shares”) and warrants to purchase up to an aggregate of 673,000 shares of common stock (the “PIPE Warrants”). Each share of common stock (or pre-funded warrant in lieu thereof) is being sold in the private placement offering together with one common warrant at a combined offering price of $2.23, priced at-the-market under the rules of the Nasdaq Stock Market. The PIPE Warrants will have an exercise price of $2.10 per share, are immediately exercisable and will expire five years from the date of issuance.
How Will This Affect Me?
For individual investors or those interested in the biotechnology industry, the news of Sonnet BioTherapeutics securing $3.9 million in funding through a registered direct offering and private placement under Nasdaq rules could signal potential growth opportunities. With additional capital, the company may be able to further advance its development of targeted immunotherapeutic drugs, potentially leading to innovative treatment options in the future. This funding round could also impact the stock price of Sonnet BioTherapeutics, which may present trading opportunities for investors.
How Will This Affect the World?
The funding secured by Sonnet BioTherapeutics could have broader implications for the biotechnology and healthcare industries. By investing in the development of targeted immunotherapies, the company is contributing to the advancement of medical science and potentially improving treatment options for patients with various diseases. This funding round may also attract attention from other investors or pharmaceutical companies looking to collaborate on innovative research and development projects, ultimately impacting the overall landscape of healthcare innovation.
Conclusion
Overall, the news of Sonnet BioTherapeutics securing $3.9 million in funding is a significant development for the company and the biotechnology industry as a whole. With the potential to accelerate the development of targeted immunotherapies, this funding round signals progress and growth opportunities that could benefit both investors and the global healthcare community.
