01:23 PM EDT, 07/18/2024 (MT Newswires) -- Longeveron ( LGVN ) shares fell more than 15% in recent Thursday trading after the company struck deals to sell about 2.2 million Class A shares at $4.025 each to investors in a direct offering.

The company said it will also issue warrants to buy up to some 2.2 million Class A shares to the investors. The warrants will have an exercise price of $3.90 per share and will be immediately exercisable for a period of 24 months.

Funds raised will be used to advance its drug candidate Lomecel-B and for other general corporate purposes, the clinical-stage biotechnology company said. H.C. Wainwright is the placement agent for the offering that is expected to close Friday.

Price: 3.29, Change: -0.62, Percent Change: -15.77