Ontrak, a healthcare company, saw its shares decline by 16% to 67 cents following the announcement of a public offering. The offering consists of 4.6 million shares and 9.2 million warrants, priced at a combined rate of 60 cents per share and accompanying warrants.
Earlier in the session, the stock had reached its lowest point in 52 weeks, hitting just 60 cents per share. Over the past year, the stock has witnessed a significant decrease of 73%.
Additionally, Ontrak has priced 5.9 million pre-funded warrants and 11.8 million warrants at a combined rate of 59.99 cents per pre-funded warrant and accompanying warrants.
Each common stock and pre-funded warrant will be sold together with two warrants, allowing the purchaser to buy one share of stock. The exercise price for these warrants will be set at 85 cents per share.
The offering is scheduled to conclude on Tuesday.
The public offering is expected to generate approximately $6.3 million in proceeds for Ontrak. The company plans to utilize these funds for working capital and other general corporate purposes.
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