04:22 AM EDT, 07/24/2024 (MT Newswires) -- Azitra Inc. ( AZTR ) said late Tuesday it priced a public offering of about 6.7 million common shares and class A warrants to purchase up to about 13.3 million shares at a combined price of $1.50 per share and accompanying warrant, for expected gross proceeds of about $10 million.

The class A warrant will be exercisable immediately at an initial price of $1.50 per share and will expire five years after issuance. The offering is set to close around Thursday.

The company said it plans to use the net proceeds for working capital and general corporate purposes.

Shares of the company fell 78% in premarket activity on Wednesday.

Price: 1.08, Change: -3.88, Percent Change: -78.07