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Why KemPharm Stock Sank Today

TheMotleyFool

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Shares of KemPharm (NASDAQ: KMPH) were sinking 12.6% as of 3:33 p.m. EDT on Friday. The big drop came after the drugmaker announced the exercise of existing warrants and the issuance of new warrants.

A warrant gives the right to buy a stock at a set price and set date. In KemPharm's latest transaction, holders with warrants that could have been exercised for nearly 6.2 million shares received a new deal. They received cash in exchange for a commitment from the company to issue new warrants.

These new warrants will allow the purchase of up to 1,529,379 KemPharm shares. They will give the holders the right to buy the stock at $16.50 per share. The warrants expire on Dec. 31, 2026.

Source Fool.com

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