Kineta Shares Slide After Registered Direct Stock Offering

By Colin Kellaher

Kineta shares tumbled Wednesday after the clinical-stage biotechnology company said it was raising $3 million in a registered direct offering.
The Seattle company said it agreed to sell 890,208 shares at $3.37 apiece, well below Tuesday’s closing price of $3.95.

Kineta said it also agreed to issue unregistered warrants to buy up to 890,208 shares at $3.25 each. The 5.5-year warrants are immediately exercisable.
Shares of Kineta, which had nearly 9.77 million shares outstanding as of Aug. 9, were recently down 27% to $2.88.
Write to Colin Kellaher at [email protected]