Aikido Pharma Inc AIKI:NASDAQ

AIkido Pharma (AIKI) on Friday launched a registered direct offering to raise approximately $20.9 million in net proceeds.

The biotechnology company entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 11,000 shares of series O, and 11,000 shares of series P redeemable convertible preferred stock at$952.38 per share.

The proceeds will be used for working capital and general corporate purposes, the company said.

Shares of AIkido declined 6.8% during the recent trading activity.

Price: 0.39, Change: -0.03, Percent Change: -6.75