Core Viewpoint - TC BioPharm is experiencing a decline in stock price following the announcement of a registered direct offering of its shares, which is expected to dilute existing shareholders' stakes [1][3]. Group 1: Offering Details - TC BioPharm is selling 2 million American Depository Shares (ADS) at a price of $1 per share, anticipating gross proceeds of $2 million from this offering [1][2]. - The company is also offering Series G warrants for 2 million shares to a single investor, with an exercise price of £0.78 per share [2]. Group 2: Use of Proceeds - The funds raised from the offering will be allocated to support clinical trials focused on relapse/refractory Acute Myeloid Leukemia, as well as for operating expenses and working capital [2]. Group 3: Market Reaction - Following the announcement, TCBP stock has dropped by 45.8%, with approximately 24,000 shares traded, which is about double its daily average [4]. - The offering price of $1 represents a significant discount compared to the previous closing price of $3.65 per share, contributing to the stock's decline [3].
Why Is TC BioPharm (TCBP) Stock Down 46% Today?