NEW YORK – Aspira Women's Health's stock plummeted Thursday following the company's announcement of a $4.7 million registered direct offering.
In trading on the Nasdaq on Thursday, Aspira shares were down as much as 34 percent to $2.62. The company ended the day with its share price down 31 percent. In early Friday trading Aspira's shares were down more than 6 percent.
Aspira said Thursday that it has reached deals to sell 1,694,820 shares of common stock at a price of $2.75 per share to institutional investors and certain longstanding investors and a price of $3.98 per share to directors and officers of the company.
The offering is expected to close on or about July 24.
Aspira said it will use the money for working capital and other general corporate purposes.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.