Salarius Pharmaceuticals Inc. (NASDAQ:SLRX) shares surged 23.65% in after-hours trading on Tuesday, closing at $1.21. The Houston-based biopharmaceutical company's stock jumped after it released pricing details for its underwritten public offering.

Check out the current price of SLRX stock here.

According to Benzinga Pro data, the stock dropped 51% in the regular trading session to close Tuesday at $0.98.

$7 Million Offering Details

Salarius stated in a press release on Tuesday that it priced an underwritten public offering with the goal of raising roughly $7 million in gross proceeds before fees.

The offering comprises 2.51 million common stock shares and pre-funded warrants to purchase 2.15 million shares at a combined offering price of $1.50 per share with accompanying Series A and Series B warrants.

Warrant Structure and Terms

The exercise price for both warrant series is $1.50. Series B warrants have a one-year exercise window, whereas Series A warrants are exercisable for five years after issuance. The filing states that the warrants have fixed pricing with no variable pricing features.

Merger-Contingent Closing

The completion of Salarius’ proposed business combination with Decoy Therapeutics Inc., a preclinical-stage biotechnology company, is a prerequisite for the offering’s closing, which is anticipated on Wednesday.

Ladenburg Thalmann & Co. Inc. serves as the sole book-running manager.

Salarius plans to use the proceeds to fund research programs, repay Decoy's promissory notes, and cover working capital needs.

Stock Performance

The stock of the clinical-stage company is down 96.25% year to date.

The company has a market capitalization of $1.03 million and an average daily trading volume of 318,090 shares.

Benzinga Edge Stock Rankings indicate that SLRX has a negative price trend across all time frames. Track the performance of other players in this segment.

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