08:19 AM EDT, 04/09/2024 (MT Newswires) -- Acrivon Therapeutics ( ACRV ) shares surged more than 84% in Tuesday's premarket activity after the company announced a private placement with certain investors to issue and sell 8.2 million shares of its common stock at $8.50 per share and pre-funded warrants for approximately 7.1 million shares at $8.499 per warrant.

The pre-funded warrants will carry an exercise price of $0.001 per share of common stock.

Acrivon expects gross proceeds from the oversubscribed private investment in public equity of around $130 million before fees to the placement agent and other offering expenses.

The offering is expected to close on April 11, 2024, subject to customary conditions.

The company expects to use net proceeds from the placement and its existing cash, cash equivalents, and investments to further advance its pipeline.

Price: 10.9, Change: +4.99, Percent Change: +84.43