Shares of Lyra Therapeutics, Inc. (LYRA) are surging more than 20% in the morning trade on Friday after the company announced its decision to raise about $100.5 million through private placement.
The company said certain investors have agreed to purchase 18,815,159 shares of the company at $4.22 per share and some investors have agreed to purchase pre-funded warrants to purchase an aggregate of 5,000,000 shares of the company, with an exercise price of $0.001 per share, at a purchase price of $4.219 per share.
The offering is expected to close on April 12, 2022.
LYRA, currently at $5.32, has traded in the range of $3.30-$12.02 in the past 52 weeks.
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