Tenaya Therapeutics plumbs new lows on stock-and-warrants offering

Shares of Tenaya Therapeutics TNYA.O down 21.7% premarket to record low 74 cents on equity raise

Heart disease gene therapy developer late Mon announced pricing 75 mln units at 70 cents for gross proceeds of $52.5 mln

Offering price represents 26% discount to stock's last sale

Each unit comprises one share plus 5-yr warrant exercisesable at 80 cents, and 15-month warrant immediately exerciseable to purchase one-half share

California-based co, which has 79.2 mln shares outstanding, plans to use net offering proceeds to fund ongoing development of its clinical and early-stage candidates, particularly TN-201 and TN-401

Co late Mon also suspended and terminated its $75 mln "at-the-market" equity sales program, in which it entered into with Leerink Partners in 2022

Leerink and Piper Sandler are jt bookrunners for the current offering

Through Mon close, shares down 34% YTD and have shed nearly 90% of their value over the past 12 months

Tenaya went public in Jul 2021 IPO priced at $15