acurx pharmaceuticals shares were down 12 to 3 tuesday after the company said it entered into a securities purchase agreement with a single institutional investor to buy 13 million shares at 3 a share in a registered direct offering expected to close on or about thursday the stock closed mondays session up 12 and is up 11 over the past 12 months in a concurrent private placement the staten island nybased biopharmaceutical company has also agreed to issue and sell to the investor unregistered series c warrants to buy up to 13 million shares and unregistered series d warrants to buy up to 13 million shares each series of warrants will have an exercise price of 326 a share and become exercisable six months from the date of issuance from the date of issuance the series c warrants have a term of twoandahalf years and the series d warrants have a term of sixandahalf years the proceeds from the offering and the concurrent private placement are estimated to be 4 million