Why Did KTTA Stock Soar A Whopping 48% Today?
Synopsis
The company announced the pricing of a public offering of 80 million shares of its common stock and said that the offering will extend its cash runway through at least the first half of 2028.
Pasithea Therapeutics Corp. (KTTA) on Friday announced the pricing of a public offering of 80 million shares of the company’s common stock at $0.75 per share.
KTTA shares traded 48% higher on Friday morning at the time of writing.
The offer price represents a 29% discount to the stock’s Wednesday closing price. The company expects gross proceeds of about $60 million from the offering, which it intends to use for general corporate purposes.
The company said that the offering will extend its cash runway through at least the first half of 2028.
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