Rani Therapeutics Holdings Inc. (NASDAQ: RANI) announced the pricing of a $20 million registered direct offering of Class A common stock and pre-funded warrants.

The clinical-stage biotherapeutics company entered into a securities purchase agreement for 12,476,637 shares of Class A common stock at $1.07 per share and pre-funded warrants to purchase 6,214,953 shares at $1.0699 per warrant. The pre-funded warrants carry an exercise price of $0.0001 per share.

A sovereign wealth fund led the offering, joined by other healthcare-focused funds including both new and existing investors. H.C. Wainwright & Co. serves as lead placement agent, with Chardan Capital Markets acting as placement agent.

The offering is expected to close on or about May 27, 2026, subject to customary closing conditions. Gross proceeds are anticipated to reach approximately $20 million before deducting placement agent fees and other offering expenses.

The securities are being offered under a shelf registration statement on Form S-3 that became effective with the Securities and Exchange Commission on August 14, 2025.

Rani Therapeutics focuses on oral delivery of biologics and drugs through its RaniPill capsule technology platform, which aims to replace subcutaneous injections or intravenous infusions with oral dosing. The company has conducted preclinical and clinical studies evaluating the safety, tolerability and bioavailability of its capsule technology.