06:35 AM EDT, 04/26/2024 (MT Newswires) -- Vincerx Pharma ( VINC ) shares were down more than 16% premarket Friday after the company priced an underwritten public offering of 6 million common shares and accompanying warrants to purchase 6 million common shares and, to certain investors, pre-funded warrants to purchase up to 16 million common shares and accompanying warrants to purchase 16 million common shares.

The company priced each combination of 1 common share and accompanying warrant at $0.75 and each combination of pre-funded warrant and accompanying warrant at $0.7499.

Each pre-funded warrant can be exercised immediately from issuance at $0.0001 per share and each accompanying warrant can be exercised immediately from issuance at $1 per share over a five-year period.

Vincerx Pharma ( VINC ) estimates about $16.5 million in proceeds from the offering, which is expected to close on or about April 30.

Price: 0.7500, Change: -0.15, Percent Change: -16.36