Cardiff Oncology sinks on direct equity offering - CRDF News | RalliesCardiff Oncology sinks on direct equity offering
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CRDF• Shares fall after registered direct offering
- Cardiff Oncology's CRDF.O shares sink 30.5% to a record low of 91 cents premarket after a $10 million equity raise.
- CRDF said it sold about 8.57 million shares and accompanying warrants at $1.05 in a registered direct offering.
- In addition, the company said certain insiders and directors will buy 731,707 shares and warrants at $1.435.
- The company intends to use net offering proceeds for working capital and general purposes.
- H.C. Wainwright was sole placement agent.
- San Diego, California-based CRDF had roughly a $90 million market cap prior to the offering.
- CRDF stock closed down 3% at $1.31 on Tuesday, down 53% year to date.
- The stock plunged 32% on Jan. 27 after its then CEO and CFO stepped down.
- Four of eight analysts rate the stock "strong buy" or "buy," four "hold"; median price target is $7.50, per LSEG data.
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