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Petros Pharmaceuticals to Sell 2.2 Million Shares at $3.43 a Share - MarketWatch

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By Chris Wack

Petros Pharmaceuticals Inc. said it agreed with the company's largest investor and other existing investors for the purchase and sale of 2.2 million common shares at $3.43 a share.

The company said it will sell 1.5 million shares in a registered direct offering, with the remaining shares sold in a private placement.

Petros agreed to issue the investors unregistered warrants to buy 1.6 million shares at an exercise price of $3.50 a share, exercisable immediately and terminating five years after the date of issuance.

The closing of the offering is expected on or about Dec. 27.

Petros expects $7.5 million in proceeds from the offering. Petros said it intends to use the proceeds for expansion of its men's health platform and for working capital and general corporate purposes.

Petros shares fell 19% to $3.30 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

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