1.65
price up icon1.85%   +0.03
after-market  After Hours:  1.58  -0.07   -4.24%
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Why is Sonnet BioTherapeutics Holdings Inc (SONN) Stock down?

We've noticed a 13.79% decline in Sonnet BioTherapeutics Holdings Inc (SONN) stock during the 2024-05-23 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
25 Oct, 2023:

Shares of Sonnet Biotherapeutics Holdings Inc (SONN) dropped by 28.73% from $1.81 to $1.29 in the trading on October 25, 2023. The reason why SONN is down today is due to the announcement of an underwritten public offering that includes 2,843,750 shares of common stock (or pre-funded warrants) and investor warrants for up to 5,687,500 shares, priced at $1.60 per share. The offering, led by existing investors with Chardan and Ladenburg Thalmann & Co. Inc. as joint book-running managers, is expected to close by October 27, 2023, and aims to raise approximately $4.55 million in gross proceeds. The funds will be directed towards research and development, clinical trials, working capital, and general corporate purposes. The offering is conducted under a registration statement (Form S-1) declared effective by the SEC on October 24, 2023, and is carried out through a prospectus.

31 Aug, 2023:

Shares of Sonnet Biotherapeutics Holdings Inc (SONN) dropped by 28.34% from $6.1402 to $4.4 in the trading on August 31, 2023. The reason why SONN is down today is due to the announcement of a 1-for-22 reverse stock split effective from the commencement of trading on September 1, 2023. This reverse stock split aims to increase the per-share trading price to meet the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company's trading symbol "SONN" will remain unchanged, but a new CUSIP number, 83548R303, will be assigned. The reverse stock split will impact all shareholders uniformly and will not alter their percentage interest in the company's equity, except for those holding fractional shares, who will receive a cash payment based on the average closing price over the five consecutive days leading up to the effective date. This split also applies to common stock issuable through warrants, stock options, and equity incentive plans, resulting in approximately 1.8 million outstanding shares after the split, down from approximately 38.5 million.

28 Jun, 2023:

Shares of Sonnet Biotherapeutics Holdings Inc (SONN) dropped by 21.47% from $14.8478 to $11.66 in the trading on June 28, 2023. The reason why SONN is down today is due to the company's announcement of a definitive agreement with a single institutional investor for the sale of 5,000,000 shares of its common stock at a purchase price of $0.45 per share in a registered direct offering. Concurrently, the company will issue warrants to the investor, allowing the purchase of up to 5,000,000 additional shares at an exercise price of $0.6749 per share, exercisable after six months and expiring three and a half years from issuance. The offering is expected to close around June 30, 2023.

08 Feb, 2023:

Shares of Sonnet Biotherapeutics Holdings Inc (SONN) dropped by 9.24% from $23.76 to $21.5644 in the trading on February 08, 2023. The reason why SONN is down today is due to the company's announcement of pricing for an underwritten public offering, including 13,888,888 common stock shares or equivalents and investor warrants for up to 27,777,776 common stock shares. Each share or equivalent is sold with one investor warrant at a combined price of $1.08, generating around $15.0 million in gross proceeds. The investor warrants can be exercised at $1.08 per share for five years, with a cashless exercise option under certain conditions. The offering is set to close around February 10, 2023, with the net proceeds allocated to research and development, clinical trials, working capital, and general corporate purposes.

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