RedHill Biopharma Ltd (RDHL)

[DorseyE]

RedHill Biopharma under pressure on $10M bought deal offering

Jan. 11, 2021 4:51 PM ETRedHill Biopharma Ltd. (RDHL)By: Khyathi Dalal, SA News Editor
RedHill Biopharma (NASDAQ:RDHL) entered into an underwriting agreement with H.C. Wainwright wherein the underwriter agreed to purchase on a firm commitment basis 1.28M ADSs at $7.84/ADS.
Underwriters granted 30-day option to purchase up to additional 191,326 ADSs at the public offering price.
Each ADS represents ten ordinary shares, par value NIS 0.01/share, of the company.
Gross proceeds expected to be ~$10M; net proceeds to be used for funding its clinical development programs, commercialization activities and for acquisitions and general corporate purposes.
Offering is expected to close on on or about Jan. 14, 2021.