Palatin Technologies (PTN) has provided an update.
In a strategic move to bolster its financial position, a company has reached an agreement with a warrant holder to exercise existing warrants for over 3 million shares at a reduced price of $1.88 each, resulting in expected gross proceeds of about $6.1 million. This cash influx will support the company’s working capital and general corporate needs. Additionally, the deal includes the issuance of new warrants, which are contingent on stockholder approval and come with a five-year term. The company has also committed to filing necessary paperwork to facilitate the resale of these shares, aiming to further strengthen its capital structure and foster growth.
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