Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) disclosed that it has signed a deal with institutional investors for the buying of a total of 50,830,566 shares of its common stock and additional permits to buy up to a total of 25,415,283 shares of its common stock. The firm has set the price of $1.505 per share and the additional permits in a registered direct offering valued on the market in accordance with the Nasdaq rules.
Furthermore, the permits have an exert price of $1.70 per share, will be instantly applicable and is due to terminate five years from the issue date. The only agent of the firm for this offering will be H.C. Wainwright & Co.
Shares of Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) rose 24.26% as it gained +0.33 during the trading session of Wednesday. CTXR has the last closing price of $1.69. Looking at its 52-week low and high range, its share has demonstrated the change of $0.41 and $1.97, respectively. This firm has a total market capitalization of $120.04 million at the time of writing.
Citius Pharmaceuticals Inc. is projected to raise the profit of $76.5 million, before subtracting the charges of the agent and other expenditures of the firm. CTRX is intending to use the profit it will gain from the offering for the pre-clinical and clinical development of its product candidate and also for the general purposes of the business.
Additionally, the securities referred above are being presented in accordance with the requirements of a "shelf" registration declaration submitted with the SEC and proclaimed justifiable on September 25, 2020