12:19 PM EST, 03/05/2024 (MT Newswires) -- Quoin Pharmaceuticals ( QNRX ) shares fell more than 48% in recent Tuesday trading after it priced a $6.5 million public offering of American depositary shares and warrants.

The company is offering nearly 4.1 million ADSs, as well as series D and series E warrants to purchase the same number of ADSs. Quoin said a combination of one ADS and series D warrant and series E warrant is priced at $1.60, with the warrants to have an exercise price of $1.60 per share. The series D warrants are exercisable over two years, while the series E warrants have a five-year term, the company added.

Quoin said it expects to close the offering on or about March 7 and use the net proceeds for general corporate purposes.

Price: 1.49, Change: -1.41, Percent Change: -48.62