9 Meters Biopharma to raise $5M in stock offering

9 Meters Biopharma (NASDAQ:NMTR) entered into a definitive securities purchase agreement for the purchase and sale of 3.12M shares and warrants to purchase 6.25M shares at a combined purchase price of $1.60/share and accompanying warrant.
Warrants will have an exercise price of $1.35/share and will be exercisable immediately; it will expire three and one-half years post issuance date.
Offering is expected to close on or about Mar.15, 2023.
Gross proceeds are expected to be $5M; net proceeds along with other available funds to be used for supporting the clinical development of vurolenatide for the treatment of short bowel syndrome, to fund the development of the company's other pipeline programs, as well as for working capital and general corporate purposes.
Shares trading 7.6% down premarket.