01:07 PM EST, 12/12/2024 (MT Newswires) -- Aptevo Therapeutics ( APVO ) shares slumped nearly 34% in recent trading Thursday after the company announced the exercise of its warrants at a discount.

Holders of the company's previously issued warrants agreed to exercise the securities for 823,544 shares at $7.50 apiece, netting Aptevo $6.2 million in gross proceeds.

Aptevo will also issue new warrants to the investors to buy up to 1,647,088 shares at an exercise price of $9.53, it said.

Aptevo said it will use the funds for working capital and general corporate purposes. The offering is expected to close by Friday.

Price: 6.65, Change: -3.36, Percent Change: -33.57