Veru prices public offering of 45.8M shares at $0.72, net proceeds ~$35.2M for enobosarm trial

VERU INC.

Entered underwriting agreement for 45,833,333 shares at $0.72/share; gross proceeds ~$33M.
Underwriters' option for 6,874,999 additional shares exercised in full on Dec 15.
Net proceeds expected ~$35.2M after discounts and expenses.
Proceeds primarily fund Phase 2b trial of enobosarm for muscle preservation in obese elderly on GLP-1 agonists.
Offering expected to close Dec 18, 2023; Raymond James and Oppenheimer lead.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VERU INC. entered into Underwriting Agreement with Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. valued at Offering of 45,833,333 shares of common stock at $0.72 per share, net proceeds approximately $35.2 m (effective 2023-12-14).

Action: entry
Agreement: underwriting
Counterparty: Raymond James & Associates, Inc. and Oppenheimer & Co. Inc.
Value: Offering of 45,833,333 shares of common stock at $0.72 per share, net proceeds approximately $35.2 m
Effective: 2023-12-14

Exact text from the filing

On December 14, 2023, Veru Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Raymond James & Associates, Inc. and Oppenheimer & Co. Inc., as representatives of the underwriters named therein (the “Underwriters”), relating to the offering, issuance and sale (the “Offering”) of 45,833,333 shares of the Company’s common stock, par value $0.01 per share, at a public offering price of $0.72 per share.

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VERU INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-297169

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