01:48 PM EDT, 06/28/2024 (MT Newswires) -- Aptevo Therapeutics ( APVO ) was down nearly 38% in recent Friday trading after it priced a share offering to raise about $2.8 million.

The company said it entered agreements with certain healthcare-focused and institutional investors to buy more than 5.3 million shares at $0.515 each, bundled with warrants to buy up to 10.7 million shares at an exercise price of $0.515 apiece for a period of five years from the date of shareholder approval.

The registered direct offering is expected to close by Monday, the company said.

Aptevo said it will use the funds raised to advance its drug candidates.

The company also said that it would reduce the exercise price of warrants issued between August 2023 and April 2024 to $0.515 per share following shareholder approval.

Price: 0.32, Change: -0.19, Percent Change: -37.83