Eyenovia Prices 12.85 Mln Shares At $0.40/Share; Stock Tanks

(RTTNews) - Eyenovia, Inc. (EYEN), Wednesday announced a public offering of 12.85 million shares at a price of $0.40 per share, generating around $5.14 million.

The ophthalmic technology company intends to use the proceeds to fund commercialization activities for Mydcombi and clobetasol propionate, complete the Chaperone pediatric myopia clinical study, and for working capital and general corporate purposes.

The offering is expected to close on or about August 22.

Currently, Eyenovia's stock is plummeting 41.28 percent, to $0.40 over the previous close of $0.68 on the Nasdaq.