24/7 Market News Snapshot 21 October, 2024 – GRI Bio, Inc. Common Stock (NASDAQ:GRI)

October 21, 2024

DENVER, Colo., 21 October, 2024 (247marketnews.com) – (NASDAQ:GRI) are discussed in this article.
GRI Bio, Inc. has made notable strides in the biotechnology sector, particularly with its focus on Natural Killer T (NKT) cell modulators, which play a crucial role in treating inflammatory, fibrotic, and autoimmune diseases. The company recently entered into definitive agreements to exercise existing warrants, allowing for the purchase of approximately 762,236 shares of its common stock at a reduced exercise price of $1.00 per share, down from a previous $14.30. This strategic initiative is expected to generate gross proceeds of around $0.8 million, before deducting placement agent fees and other expenses, with H.C. Wainwright & Co. serving as the exclusive placement agent for the move.

The closing of this transaction is anticipated on or about October 22, 2024, pending standard closing conditions. In conjunction with the warrant exercise, GRI Bio will also issue new unregistered Series D-1 and Series D-2 warrants, which will enable holders to purchase an equivalent number of shares at an exercise price of $1.00. The Series D-1 warrants will have a five-year term, while the Series D-2 will be valid for eighteen months.

On a related note, GRI Bio’s stock has demonstrated extraordinary bullish momentum, opening at $1.67 and surging nearly 99.14%, currently trading at $1.15 with a remarkable trading volume of 116.56 million shares. This surge in stock activity reflects heightened investor interest and potential upward momentum in the biotech market. GRI Bio’s commitment to advancing its innovative treatment pipeline and addressing significant unmet medical needs underscores its role as a key player in the biotechnology landscape, positioning it as a company to watch closely in the coming months.

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