02:55 PM EDT, 10/01/2024 (MT Newswires) -- BriaCell Therapeutics ( BCTX ) shares plummeted more than 40% in recent trading on Tuesday after the company priced a $5 million offering of common shares and warrants.

The company said it priced the offering of about 5.12 million shares and warrants to buy roughly 5.12 million shares at $0.975 per share and associated warrant.

Warrants in the offering can be exercised for $0.85 to purchase one share of the company immediately after issuance and expire after five years, BriaCell added.

The company said it expects to close the offering on Wednesday and use the proceeds from the offering for working capital requirements, general corporate purposes, and advance business objectives.

Price: 0.74, Change: -0.50, Percent Change: -40.08