Sonnet BioTherapeutics prices $5M at-the-market offering

Sonnet BioTherapeutics (SONN) Holdings announced the pricing of an underwritten public offering of 1.11M shares of common stock and common warrants to purchase up to an aggregate of 2.22M shares of common stock. Each share of common stock is being sold together with one common warrant at a combined offering price of $4.50, priced at-the-market under the rules of the Nasdaq Stock Market, for total gross proceeds of approximately $5.0M, before underwriting discounts and commissions and offering expenses payable by Sonnet. Each common warrant is exercisable for two shares of common stock at an exercise price of $4.50 per share for a period of five years from the date of issuance. The offering is expected to close on or about November 7, subject to the satisfaction or waiver of customary closing conditions. Sonnet anticipates using the net proceeds from the offering for research and development, including clinical trials, working capital, the repayment of all or a portion of Sonnet’s liabilities, and general corporate purposes. Chardan is acting as the underwriter in connection with the offering.