Gross Proceeds

Top Wealth Group Holding (NASDAQ: TWG) closed a best‑efforts public offering on Dec 10, 2025, selling 720,000 units at $7.00 each and generating $5.04 million in gross proceeds. Each unit comprises one Class A share, a 5‑year Series A warrant and an 18‑month Series B warrant, all exercisable at $7.00 immediately, offering up to $10.08 million extra if fully exercised. Univest Securities acted as exclusive placement agent. Net proceeds are slated for general corporate and working‑capital needs.

.Terns Pharmaceuticals (NASDAQ: TERN) priced an upsized underwritten public offering of 16,250,000 common shares at $40.00 each, generating about $650 million in gross proceeds. Underwriters have a 30‑day option to purchase an additional 2,437,500 shares. The transaction is expected to close on December 11, 2025. Net proceeds will fund research, clinical trials, development, and manufacturing of the lead candidate TERN‑701, support initial launch activities, and cover working‑capital and general corporate needs.

Dyne Therapeutics announced the pricing of an upsized underwritten public offering of 18,980,478 common shares at $18.44 per share, targeting $350 million in gross proceeds before fees. All shares are being sold by the company, with a 30‑day overallotment option for underwriters to purchase up to an additional 2,847,071 shares. The offering is expected to close on or about December 11, 2025, subject to customary conditions. Morgan Stanley, Jefferies, Stifel and Guggenheim Securities serve as joint book‑running managers.

KALA BIO (NASDAQ:KALA) completed a registered direct offering on Dec 5 2025, selling 10 million common shares (or pre‑funded warrants) at $1.00 each, generating roughly $10 million in gross proceeds. H.C. Wainwright acted as exclusive placement agent. Net proceeds will be used to repay indebtedness and for general corporate purposes. The offering was executed under a shelf registration (File No. 333‑270263) filed Mar 3 2023 and became effective May 11 2023.

Erayak Power Solution Group (NASDAQ: RAYA) closed a registered direct offering, selling 30,612,246 Class A ordinary shares (or equivalents) at $0.098 per share. This generated approximately $3 million in gross proceeds before deducting fees and expenses. The offering also included pre-funded warrants priced at $0.098 with a minimal exercise price.