Inovio Announces Pricing Of About $36 Mln Offering Of Stock And Pre-Funded Warrants; Stock Drops

(RTTNews) - Inovio Pharmaceuticals Inc. (INO) announced the pricing of an underwritten offering of about 2.54 million shares of its common stock at an offering price of $7.693 per share and pre-funded warrants to purchase about 2.14 million shares of its common stock at an offering price of $7.692 per pre-funded warrant, in each case before underwriting discounts and commissions.

INO closed Monday's regular trading at $10.99 down $0.04 or $0.36%. In the after-hours trading the stock further dropped $2.61 or 23.75%.

The company expects gross proceeds from the offering to be approximately $36 million, before deducting underwriting discounts and commissions and estimated offering expenses.

The offering is expected to close on or about April 18, 2024, subject to customary closing conditions.