The advent of a New Year provides excitement on markets, but sometimes the excitement is not felt positively.
The emerging pharmaceutical company known as Innovus Pharmaceuticals, Inc. (OTC:INNV), which delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women's health and respiratory diseases, announced a definitive agreement with a healthcare-dedicated institutional investor for the sale of 45,306,347 shares of common stock.
The sale consists of series A warrants to purchase up to 45,306,347 shares of common stock and series B warrants to purchase up to 45,306,347 shares of common stock in a private placement at a price of $0.07 per share and associated warrants for gross proceeds of approximately $3.17 million.
The sale should have wrapped up by Thursday of this week.
The net proceeds from the offering are anticipated to be approximately $2.765 million. The Company intends to use the net proceeds for working capital and general corporate purposes.
Even so, investors thought the price of INNV shares a tad dear, bidding them down late Monday morning by 1.69 cents, or 20%, to 6.75 cents, on volume 1.9 million shares.
