Home Equities Score Is that why Addex Therapeutics (ADXN) shares dropped earlier this morning?

Is that why Addex Therapeutics (ADXN) shares dropped earlier this morning?

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.‎

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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.‎

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