Enlivex Shares Plunge After $400 Million Private Placement Deal
Enlivex Therapeutics (ENLV) shares fell over 47% in Tuesday trading after the company said it has struck a private placement of $400 million shares with a single institutional investor.The placement is at $5.00 per share in US dollars, USDT or USD Coin and $6.00 per share funded in RAIN tokens, the firm said.Enlivex said it plans to use the net proceeds for its treasury strategy and advance Allocetra, a clinical-stage immunotherapy targeting inflammatory conditions associated with aging.The agreement also provides the company with the right to require the investor to purchase up to an additional $400 million of shares, according to a statement.The company said it expects to complete the transaction following approval from shareholders.Price: $2.24, Change: $-2.03, Percent Change: -47.54%
