Can-Fite BioPharma Ltd. (CANF) stock is headed for a big day today, down -12.98% to trade at $1.81 at last check in premarket trading. CANF stock fell -0.95% on Wednesday to close at $2.08. CANF stock traded 28.21K shares on the day, which is less than the average volume over the last three months of 361.35K shares. Over the course of the session, the CANF stock fluctuated between $2.03 and $2.09. Earnings per share for CANF were -0.78.
Over the past five sessions, CANF stock has gained 0.48%, and over the past one month, it has lost -6.73%, while at the same time it has gained 16.85% in the year. CANF’s 50-day moving average of $2.20 is higher than its 200-day moving average of $2.10. The RSI for CANF is currently 43.86. CANF’s stock is dropping following the announcement of the registered direct offering.
How much will the CANF Stock offering make?
With a platform that addresses multi-billion dollar markets in cancer, liver, inflammatory disease and COVID-19, Can-Fite is an advanced clinical stage drug development company. A Phase III trial for Piclidenoson, CANF’s lead drug candidate, is currently underway for the treatment of psoriasis, while a Phase II trial is underway for COVID-19. In addition to Phase III trials for the treatment of hepatocellular carcinoma (HCC), the most common form of liver cancer, CANF’s Namodenoson is also going into Phase IIb trials for nonalcoholic steatohepatitis (NASH).
Can-Fite has entered into an agreement for the sale and purchase of approximately 5,000,000 American Depositary Shares (ADSs) with a healthcare-focused institutional investor.
The purchase agreement was entered into by CANF at a price of $2.00 per ADS under a registered direct offering. CANF has also agreed to sell unregistered warrants to the investor, in a concurrent private placement, up to a maximum of 5,000,000 ADSs. CANF shares are valued at NIS 0.25 per ADS, or thirty (30) ordinary shares.
Under the current closing conditions, CANF expects that the offering will close on or about August 16, 2021. The CANF’s offering has been placed exclusively through HC Wainwright & Co.
CANF warrants will be exercisable at any time upon issuance at $2.00 per ADS and will expire three (3) years following the effectiveness of an initial resale registration statement registering the ADSs issuable upon exercising the warrants.
The gross proceeds and the use of them:
Before deducting the placement agent’s fees and other estimated offering expenses payable by CANF, the gross proceeds from the offering (without taking into account any future proceeds from the exercise of warrants issued in the concurrent private placement) should be $10.0 million. Can-Fite (CANF) intends to use the net proceeds to fund its research and development activities and its clinical trials as well as other working capital requirements.
