Endra Life Sciences nasdaq Ndra Stock Tumbles Post 0 Million Public Offering Launch

ENDRA Life Sciences (NASDAQ: NDRA) Stock Tumbles Post $8.0 Million Public Offering Launch

ENDRA Life Sciences (NASDAQ: NDRA) stock surged during pre-market trading Wednesday following the launch of an $8.0 million public offering.

ENDRA Life Sciences has disclosed the pricing of its public offering, targeting gross proceeds of approximately $8 million.

The offering comprises 61,538,461 shares of common stock or pre-funded warrants, coupled with Series A and Series B Warrants. Each unit, consisting of one share of common stock and accompanying warrants, is priced at $0.13. The Series A and Series B Warrants have exercise prices of $0.22 per share.

The Series A Warrants are exercisable over five years from the issuance date, while the Series B Warrants will expire after two and a half years. However, the exercise of these Warrants is subject to shareholder approval and an amendment to the Company’s certificate of incorporation to increase its authorized shares.

The public offering operates on a best-efforts basis, which implies that the sale does not hinge on a minimum quantity of securities. ENDRA plans to use the net proceeds from the offering for general business purposes. These include funding daily operations and continuing the development of its proprietary technology.

The offering will conclude on June 5th, 2024, with Craig-Hallum Capital Group acting as the exclusive placement agent for the deal.

ENDRA Life Sciences (NASDAQ: NDRA) Stock Price Action

As of 07:53 a.m. (Eastern Time) Wednesday, NDRA stock traded at $0.1433, marking a 68.58% increase compared to the previous trading session.