Rani Therapeutics Announces Termination of Public Offering of Class A Common Stock

Aug 12, 2022

SAN JOSE, Calif., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or the “Company”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, 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.

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