12:03 PM EDT, 07/03/2024 (MT Newswires) -- CNS Pharmaceuticals ( CNSP ) said Wednesday it has struck a deal to sell securities to health-care focused institutional investors to raise about $1.98 million for working capital and general corporate purposes.

The company said it will sell 1.425 million shares and warrants to buy up to the same number of shares at a combined price of $1.39 per share. The warrants will have an exercise price of $1.26 per share.

CNS said it expects to close the offering Friday.

Shares of CNS Pharmaceuticals ( CNSP ) rose about 22% in recent trading.

Price: 1.54, Change: +0.28, Percent Change: +22.06