11:05 AM EDT, 10/09/2024 (MT Newswires) -- Bio-Path Holdings ( BPTH ) said Wednesday it agreed to a $4 million private placement of common stock, series A warrants and short-term series B warrants.

The offering covers 4.6 million common shares, series A warrants to purchase 6.4 million shares and short-term series B warrants to purchase 6.4 million shares, and is priced at $0.87 per share and accompanying warrants, according to the company.

The warrants have an exercise price of $1 and can be exercised after shareholders approve the issuance of shares covered under the warrants, Bio-Path ( BPTH ) added.

The company said series A warrants and short-term series B warrants will expire five years and 24 months after the stockholder approval date, respectively.

The company expects to close the offering on Thursday and said net proceeds will be used for working capital and general corporate purposes.

Bio-Path's ( BPTH ) shares fell 17% in recent trading.

Price: 0.99, Change: -0.20, Percent Change: -16.97