02:10 PM EST, 11/06/2024 (MT Newswires) -- Sonnet BioTherapeutics Holdings ( SONN ) said Wednesday it priced an underwritten public offering of 1.11 million shares of common stock and common warrants to purchase up to 2.22 million shares.

Each share and accompanying common warrant is priced at $4.50, set at market value under Nasdaq Stock Market regulations, totaling about $5 million in gross proceeds, Sonnet BioTherapeutics ( SONN ) said.

Each warrant grants the holder two shares at an exercise price of $4.50, with a five-year term. The offering is expected to close on or about Thursday, subject to customary closing conditions, the company said.

Sonnet BioTherapeutics ( SONN ) shares jumped past 21% in recent trading.

Price: 5.09, Change: +0.89, Percent Change: +21.19