Silo Pharma completes $815,000 private placement of stock and warrants

Silo Pharma, Inc. (NASDAQ:SILO) has successfully completed a private placement that raised approximately $815,000 in net proceeds, according to an announcement on Friday. The company sold 136,005 shares of its common stock at $1.50 per share and pre-funded warrants to purchase up to 430,661 additional shares at $1.4999 per warrant.

The transaction, which closed on Friday, comes as the stock trades at $1.33, down 82.6% over the past year and below the offering price. The capital raise is significant for the micro-cap biotechnology firm, as Silo Pharma currently has a market cap of just $2.05 million. The securities issued in this private placement were not registered under the Securities Act of 1933 and were offered in reliance on exemptions provided by Section 4(a)(2) and Regulation D. The net proceeds from the offering are expected to be used for working capital and general corporate purposes.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.