10:26 AM EDT, 07/22/2024 (MT Newswires) -- Iterum Therapeutics ( ITRM ) said Monday it has started its rights offering by distributing non-transferable subscription rights to buy a total of about 8.5 million units at a subscription price of $1.21 per whole unit.

The company said it is distributing subscription rights to its shareholders and warrant holders who have contractual rights to take part in the rights offering. Each holder will receive one subscription right for each ordinary share owned and each ordinary share issuable upon exercise of eligible warrants at 5 p.m. ET on July 16.

One holder of eligible warrants to buy 56,606 ordinary shares had waived this contractual right, the company said.

Each whole unit will consist of one ordinary share, a warrant to purchase 0.50 ordinary share, and a warrant to purchase one ordinary share, Iterum said.

Each subscription right will entitle its holder to buy 0.50 unit at about $0.61 per half a unit, the company said.

The subscription period for the rights offering started on Monday and will end at 5 p.m. ET on Aug. 6, the company said.

Shares of Iterum were up 6.4% in recent Monday trading.

Price: 1.30, Change: +0.08, Percent Change: +6.39