03:42 PM EST, 03/04/2025 (MT Newswires) -- Plus Therapeutics ( PSTV ) shares were sharply lower Tuesday after the biotechnology company said it priced a private placement of about 28 million common units to generate roughly $15 million in gross proceeds.

The offering was priced at $0.66 per unit, with about 22.7 million units to be sold for new capital and 5.3 million units offered in exchange for outstanding senior convertible notes, the company said.

Up to $3.2 million in senior convertible notes of the company are thus expected to be cancelled via the swap offer, Plus Therapeutics ( PSTV ) said.

Each unit consists of one common share or prefunded warrant, plus one series A warrant and one series B warrant to purchase one common share per warrant.

Net proceeds will be used for debt repayment, repurchase of certain outstanding warrants, general corporate purposes and working capital, the company said.

The offering is expected to close on or about Tuesday.

Price: 0.30, Change: -0.36, Percent Change: -55.00