Biotechnology firm, AIkido Pharma's (NASDAQ: AIKI) share price has plunged on Wednesday after the company announced it has entered into an underwriting agreement with H.C. Wainwright & Co under which the underwriter has agreed to purchase 6.25 million shares for $1.60 per share.
The company has granted H.C. Wainwright a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price. The closing of the offering is expected to occur on or around the 19th of February.
The Virginia based company said it intends to use the proceeds for working capital and general corporate purposes.
AIkido’s share price is down 22.77% so far on Wednesday, trading at $1.65 after reaching highs of $2.55 during Tuesday's session. For the year to date, its stock has gained over 84%.
