Lantern Pharma Launches Up to $8M Registered Direct Offering
LTRN is trading near its 52-week low of $1.08 (2.8% below the low) on elevated volume (2.8× avg).
Summary
Lantern Pharma announced a registered direct offering of up to $8 million. The company has a market cap of roughly $14 million and trades near its 52-week low at $1.05, so this raise is highly dilutive. The offering follows a going concern warning in the Q2 10-Q and a $7.5M warrant liability, indicating urgent cash needs. Terms of the offering, including pricing and warrant coverage, were not disclosed in the headline.
Updates
· SEC 424B5 — Lantern Pharma priced the offering at $1.09 per share for 1,469,725 shares and 2,200,000 pre-funded warrants, with concurrent private placement warrants for 3,669,725 shares at $1.09.
At the time of this announcement, LTRN was trading at $1.05 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $13.9M. The 52-week trading range was $1.08 to $4.70. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.