A biotech firm, Addex Therapeutics Ltd (Nasdaq: ADXN), shares melted in the premarket as it dropped -21.23% to $10.23 after it revealed the pricing of an underwritten public offering of 6,000,000 shares at a price of approximately CHF1.47 per share or $10 per ADS. ADS represents the right to receive six shares of Addex. Before deducting underwriter discounts and commissions, Addex expects gross proceeds from the offering to reach $10 million. The offering is likely to close on or about January 11, 2021, provided all closing conditions are satisfied.
The sole book-running manager for the offering is H.C. Wainwright & Co.
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Addex has licensed the underwriter up to 900,000 additional shares for 30 days at the public offering price, less underwriting discounts, and com, missions.
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Addex will issue the New Shares from its authorized share capital without granting the existing shareholders any preemptive rights.
It is expected that the New Shares if issued, will be listed on the SIX Swiss Exchange. The New Shares will rank pari passu to Addex’s existing shares.