Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) shares price rose 34.42% to $4.15 in the pre-market session.
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Based in South San Francisco, CA, Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) is a biotechnology company developing proprietary therapeutics using its ProNeura continuous drug delivery system. Several chronic conditions may benefit from maintaining consistent, around-the-clock blood levels of medication, where proNeura technology could be used to develop medical products.
Today, there’s no clear answer to the question of why this stock’s surging besides overexcited investors. However, the only good news in the stock market this month has been the news of Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) entry into a share purchasing arrangement with several qualified retail investors in a registered direct offering to purchase approximately $9.7 million of its common stock and options to buy common stock in a parallel private placement. The combined selling price would be $3.55 for one share of common stock and one warrant.
The purchase agreement stipulates that Titan will sell 2,725,000 shares of common stock and warrants to purchase up to an aggregate of 2,725,000 shares of common stock. Exercise prices for the warrants will be $3.55 per share. The warrants will be immediately exercisable and will expire five years and six months from the date of issuance.
After deducting placement agent’s fees and other estimated offering expenses, Titan expects it will receive approximately $8.9 million in net proceeds from the registered direct offering and concurrent private placement. Closing is expected on January 20, 2021, provided that all closing conditions are met.
Maxim Group LLC is acting as the sole placement agent in connection with the offering.
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Conclusion
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