03:55 AM EDT, 07/23/2024 (MT Newswires) -- TransCode Therapeutics ( RNAZ ) said late Monday it priced a public offering of 10 million shares of common stock at $0.30 per share for expected gross proceeds of $3 million.

Net proceeds will be used for product development, working capital and general corporate purposes, the company said.

Closing of the offering is expected to occur this Wednesday, subject to customary closing conditions.

Shares of the company fell more than 40% in after-market hours on Monday.

Price: 0.4682, Change: -0.32, Percent Change: -40.92