Hillstream BioPharma sheds 53% on pricing $2.65M equity offering

Hillstream BioPharma (NASDAQ:HILS) is down 53.11% premarket after the firm has priced its underwritten public offering of 5.3M shares of its common stock.
Each share is being sold to the public at a price of $0.50 for gross proceeds of $2.65M.
All of the shares of common stock are being offered by the company.
Underwriters are granted a 45-day option to purchase up to an additional 795,000 shares to cover over-allotments at the public offering price, less the underwriting discount.
Offering is expected to close on May 2, 2023.
Net proceeds from the offering will be used for the advancement of HSB-1216, the development of other product candidates in the Company’s pipeline, for general corporate purposes, and for working capital.
Earlier, Hillstream BioPharma proposes stock and warrants offering, shares fall 20%.