11:04 AM EDT, 06/10/2024 (MT Newswires) -- CNS Pharmaceuticals ( CNSP ) has filed a registration statement with the US Securities and Exchange Commission for an offering of shares and warrants expected to generate about $9.2 million in net proceeds.

The company said it plans to sell up to about 1.9 million shares together with series C warrants to buy up to the same number of shares and series D warrants to buy up to the same number of shares at a combined price of $5.35 per share and accompanying warrants.

CNS also plans to offer pre-funded warrants to buy up to the same number of shares to investors whose purchase of shares in the offering would result in the buyers owning more than 4.99% -- or, at the election of the buyer, 9.99% -- of the company's shares. The combined price per pre-funded warrant and accompanying warrant is $5.349, it said.

Net proceeds from the offering will be used for the company's CNS-201 trial of Berubicin for glioblastoma as well as other research and development projects and for working capital.

CNS shares were falling past 23% in recent trading.

Price: 3.86, Change: -1.19, Percent Change: -23.56