Rani Therapeutics Holdings Inc (NASDAQ:RANI) experienced a steep decline of 35.8% in its stock price after revealing plans for a registered direct offering aimed at raising around $3 million in gross proceeds.
Specializing in oral biologic and drug delivery, the clinical-stage biotech firm has entered into a purchase agreement with a single institutional investor. The arrangement includes the sale of 4,354,000 Class A common shares priced at $0.40 each, alongside pre-funded warrants enabling the purchase of an additional 3,146,000 shares at $0.3999 per share.
The offering price represents a considerable markdown compared to recent market prices, a factor likely contributing to the sharp drop in the stock’s value. Maxim Group LLC is serving as the exclusive placement agent for this financing.
These pre-funded warrants carry a nominal exercise price of $0.0001 per share. The company anticipates closing the offering around July 16, 2025, pending customary closing requirements.
Rani Therapeutics highlighted that the roughly $3 million gross proceeds do not factor in fees paid to the placement agent, other issuance costs, or any proceeds from warrant exercises.
Rani Therapeutics Holdings stock price
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