Edesa Biotech tumbles on planned equity offering - EDSA News | RalliesEdesa Biotech tumbles on planned equity offering
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EDSA• Shares fall after proposed stock and warrant offering
- Shares of Edesa Biotech EDSA.O tumble 20.5% to $4.57 post-market as co seeks equity raise
- Canadian biopharma commences offering of stock and pre-funded warrants and accompanying warrants; deal size not disclosed
- Guggenheim Secs sole bookrunner
- EDSA intends to use net offering proceeds for general purposes, including working capital, capex, and R&D and manufacturing expenses
- Co, which focuses on medical dermatology and respiratory diseases treatments, has ~9.6 mln shares outstanding for about $55 mln market cap
- Stock closed up 0.7% at $5.75 on Weds and has roughly quadrupled YTD
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