It appears that Tetra Bio-Pharma (TSX: TBP) has cold feet when it comes to raising money. The company last night announced that it has cancelled its previously announced at-the-market financing.
Originally announced back in May, the financing enabled the company to raise up to $10 million in gross proceeds by directly selling its shares on the open market, with Canaccord acting as sole agent for the process. The company however has elected to terminate the program as of November 11.
Justification for the termination was not provided. Even more curiously, despite the announcement in May, and the fallout in its share price in the time since the announcement, the company has reportedly not sold a single share under the program.
Tetra Bio-Pharma last traded at $0.22 on the TSX.
Information for this briefing was found via Sedar and Tetra Bio-Pharma Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
