Summary by Moomoo AI
On January 5, 2024, Avenue Therapeutics, Inc., a specialty pharmaceutical company, announced the entry into warrant exercise agreements with existing accredited investors. The agreements pertain to the immediate exercise of outstanding warrants to purchase approximately 16.5 million shares of the company's common stock, which is expected to generate gross proceeds of about $5.0 million. The warrants include November 2023 Series B warrants and January 2023 warrants, with the latter's exercise price reduced from $1.55 to $0.3006 per share. The transaction is anticipated to close on or about January 9, 2024, subject to customary closing conditions. Avenue Therapeutics plans to issue new unregistered Series A and Series B warrants as consideration for the immediate cash exercise of the existing warrants. These new warrants will not be exercisable until stockholder...Show More