Palatin Technologies Inc (NYSEMKT:PTN) took a battering in pre-market trading, as it revealed the size of the discount it will swallow in its share offering.
The company lost more than a quarter of its value, with the shares slumping from US$0.817 overnight to US$0.59, as the biopharmaceutical company said it would offer stock and warrant units at 65 cents a pop. The warrants included in the units will be exercisable at 80 cents each.
The company is seeking to raise US$16.5mln from the issue.
Story by ProactiveInvestors