Oragenics Prices Public Offering Of 1.40 Mln Shares At $1.50/shr; Stock Plunges

(RTTNews) - Oragenics Inc. (OGEN) announced the pricing of an underwritten public offering of 1.40 million shares of its common stock at a public offering price of $1.50 per share, for gross proceeds of $2.1 million, before deducting underwriting discounts and offering expenses payable by the company.

OGEN closed Tuesday's regular trading at $2.45 down $0.71 or 22.47%. In the after-hours trading the stock further dropped $0.64 or 26.12%.

In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 210,000 shares of its common stock at the public offering price, less discounts, to cover over-allotments, if any.

The offering is expected to close on March 1, 2024, subject to satisfaction of customary closing conditions.

The company plans to use the net proceeds from the offering to fund the continued development of ONP-002, which is a unique neurosteroid drug compound intended to treat mild traumatic brain injuries also known as concussions, and for general corporate purposes and working capital.