04:09 AM EST, 11/04/2024 (MT Newswires) -- Belite Bio ( BLTE ) said Sunday it struck a deal for the immediate exercise of outstanding warrants to purchase up to 651,380 shares at an exercise price of $44.14 per share for expected gross proceeds of around $28.8 million.

The company said it intends to use the net proceeds for general corporate purposes.

The company also said it will issue new warrants to purchase up to 651,380 ordinary shares with an exercise price of $70 per share for potential gross proceeds of about $45.6 million.