Rani Therapeutics (RANI) Terminates Public Offering
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Rani Therapeutics Holdings, Inc (Nasdaq: RANI) today announced that it has terminated the underwritten public offering of its Class A common stock previously announced on August 10, 2022. The termination results from an assessment by the Company's management that current market conditions are not conducive for an offering on terms that would be in the best interests of the Company's stockholders. As a result of such termination, no shares of Class A common stock will be sold pursuant to the offering. The Company believes it has sufficient capital and financial flexibility to continue to fund its ongoing operations into mid-2024.
The offering was being made pursuant to a shelf registration statement on Form S-3 (File No. 333-266444) filed with the Securities and Exchange Commission (“SEC”), which was declared effective by the SEC on August 10, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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