Quoin Pharmaceuticals Prices Offering Of Approx. 4.1 Mln Shares At $1.6/Share; Stock Tanks

(RTTNews) - Quoin Pharmaceuticals, Ltd. (QNRX), Tuesday announced the pricing of offering of around 4.1 million shares, representing same amount of American Depository Shares or ADS, and warrants, at a combined price of $1.6 per share, to raise approximately $6.5 million.

The specialty pharmaceutical company intends to use the proceeds for corporate-related purposes.

The company stated that the warrants, Series D and Series E, would be exercisable immediately following the date of issuance and would expire in two years and five years, respectively, from their issuance.

The offering is expected to close on or about March 7.

Following the announcement, Quoin's stock is currently tumbling 44.48 percent, to $1.57 over the previous close of $2.9 on the Nasdaq.