02:43 PM EDT, 03/24/2025 (MT Newswires) -- (Updates with stock price movement in the headline and the first paragraph.)

TransCode Therapeutics ( RNAZ ) shares slumped past 38% in recent Monday trading after the company said it was selling shares to raise $10 million.

TransCode on Sunday said it has agreed to sell about 10.3 million shares of its common stock and warrants to purchase up to 10.3 million shares at $0.98 per share and accompanying warrant for total expected gross proceeds of $10 million.

The warrants will be exercisable at $0.86 per share.

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

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

Price: 0.69, Change: -0.43, Percent Change: -38.48