Allena Pharmaceuticals, Inc. (NASDAQ: ALNA) is up almost 100% in pre-market trading on news of a registered direct offering.

Allena Pharmaceuticals, Inc. (NASDAQ: ALNA) is up almost 100% in pre-market trading on news of a registered direct offering.

Allena Pharmaceuticals Announces $2.8 Million Registered Direct Offering

NEWTON, Mass., May 04, 2022 (GLOBE NEWSWIRE) — Allena Pharmaceuticals, Inc. (NASDAQ: ALNA), a late-stage, biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, today announced that it has entered into a securities purchase agreement with an investor for the issuance and sale of an aggregate of 1,436.0688 shares of its Series D Convertible Preferred Stock, and 1,436.0688 shares of its Series E Convertible Preferred Stock in a registered direct offering for an aggregate gross proceeds of approximately $2.8 million, before deducting placement agent fees and other offering expenses. The shares of Series D Convertible Preferred Stock and Series E Convertible Preferred Stock each have a stated value of $1,000 per share and are convertible into an aggregate of 8,975,430 shares of common stock of the Company upon the conversion of the Series D Convertible Preferred Stock and into an aggregate of 8,975,430 shares of common stock of the Company upon the conversion of the Series E Convertible Preferred Stock, in each case, at a conversion price of $0.16 per share.

https://www.globenewswire.com/en/news-release/2022/05/04/2435608/0/en/Allena-Pharmaceuticals-Announces-2-8-Million-Registered-Direct-Offering.html

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