Cyclacel Pharmaceuticals Prices Offering

Cyclacel Pharmaceuticals plunged in pre-market trade Wednesday, after the company priced an underwritten public offering at a discount to Tuesday’s close. The offering is comprised of Class A Units, priced at a public offering price of $2.00 per unit, with each unit consisting of one share of common stock and a seven-year warrant to purchase one share of common stock with an exercise price of $2.00 per share, and Class B Units, priced at a public offering price of $1,000 per unit, with each unit comprised of one share of preferred stock, which is convertible into 500 shares of common stock, and warrants to purchase 500 shares of common stock with an exercise price of $2.00 per share.

The stock closed Monday at $2.95, and trades in a 52-week range of $2.94 – $10.90. In pre-market action, the stock was trading as low as $1.98, on track to hit a new record low in regular trade.

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