Adagio Medical falls as it prices up to $50M private placement

* Adagio Medical (NASDAQ:ADGM [https://seekingalpha.com/symbol/ADGM]) said on Wednesday that it has entered into a securities purchase agreement [https://seekingalpha.com/pr/20266510-adagio-medical-announces-pricing-of-up-to-50-million-private-placement-of-securities]with certain accredited investors to purchase shares of its common stock, and accompanying warrants that are expected to result in approximately $19M in upfront proceeds.
* Potential additional proceeds of up to approximately $31M are expected if the accompanying warrants are exercised in full for cash, before deducting placement agent fees and other private placement expenses.
* Adagio intends to use the net proceeds of this offering for working capital and general corporate purposes, including the advancement of the company's clinical and product development activities.
* Adagio Medical (NASDAQ:ADGM [https://seekingalpha.com/symbol/ADGM]) shares were down more than 18% in pre-market trading.

MORE ON ADAGIO MEDICAL HOLDINGS, INC.

* Adagio Medical Holdings, Inc. GAAP EPS of -$0.35 [https://seekingalpha.com/news/4485036-adagio-medical-holdings-inc-gaap-eps-of-0_35]
* Financial information for Adagio Medical Holdings, Inc. [https://seekingalpha.com/symbol/ADGM/income-statement]