Prenetics Global Limited (NASDAQ: PRE) shares plunged Monday. The company, a leading health sciences concern, today announced the successful pricing of a public offering of 2,992,596 Class A ordinary shares and/or pre-funded warrants to purchase Class A ordinary shares, together with accompanying Class A warrants and Class B warrants to purchase up to an aggregate of 5,985,192 Class A ordinary shares at a combined price per Class A ordinary share and/or pre-funded warrant and accompanying Class A warrant and Class B warrant of $16.08. The gross proceeds to the Company from the offering are expected to be approximately $48 million, before deducting placement agent fees and offering expenses. The offering was led by sole placement agent Dominari Securities LLC.
The offering includes a double warrant structure, with the Class A warrant exercisable at $24.12 per Class A ordinary share (50% premium to the $16.08 offering price) and with the Class B warrant exercisable at $32.16 per Class A ordinary share (100% premium to the $16.08 offering price).
Both warrants will be exercisable immediately upon issuance and expire five years after issuance. The Company may receive up to total proceeds of approximately $216 million ($168 million in additional gross proceeds), if all the Class A warrants and Class B warrants are exercised for cash in full.
PRE shares dived $3.34, or 19.9%, to $13.42.
