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Why Sonnet BioTherapeutics (SONN) Stock Is Taking a Hit

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Sonnet BioTherapeutics Holdings, Inc. (ticker: SONN) shares are experiencing a significant decline of 27.6% to $1.31 in Wednesday morning trading. This drop comes as a result of the company’s recent announcement regarding the pricing of a public offering that includes common stock shares, pre-funded warrants, and investor warrants.

The combined offering price for Sonnet BioTherapeutics is set at $1.60 per share, which will bring in approximately $4.55 million in gross proceeds before expenses. Additionally, each investor warrant will allow the purchase of one share of common stock at $1.60 per share over a five-year period.

The public offering is expected to conclude around October 27, 2023, and is being led by existing investors, with Chardan and Ladenburg Thalmann & Co. Inc. serving as joint book-running managers. The funds raised from this offering will be utilized for research and development, including clinical trials, as well as general corporate purposes.

Sonnet BioTherapeutics has a 52-week high of $65.93 and a 52-week low of $1.10, according to data from Benzinga Pro.

Check out: Why Alphatec (ATEC) Stock Is Plummeting.

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