By Colin Kellaher
Mainz Biomed shares slid more than 40% and hit an all-time low in early trading Monday after the molecular genetics diagnostic company said it was raising $5 million in a registered direct offering.
The Germany-based company said it agreed to sell nearly 4.17 million shares, along with warrants to buy up to an additional 4.17 million shares, to several institutional investors at a combined price of $1.20 per share and associated warrant, well below Friday’s closing price of $2.24.
Shares of Mainz were recently changing hands at $1.30, down 42%, after touching an all-time low of $1.26 early in the session.
Mainz, which had about 16.7 million shares outstanding before the sale, said the five-year warrants are exercisable immediately at $1.20 a share.
Write to Colin Kellaher at [email protected]