Quoin Pharmaceuticals Ltd. shares were down 12% at $4.49 after the company said it closed its previously announced public offering of 11.05 billion ordinary shares, represented by 2.2 million American Depositary shares, at $5 an ADS.
The offering included pre-funded warrants to buy 5.75 billion shares represented by 1.15 million ADSs at a pre-funded warrant price of $4.9999.
The offering had total proceeds of $16.8 million. The company intends to use the proceeds from the offering for general corporate purposes.