Propanc Biopharma shares fall 14.37% intraday after securing $100M private placement with dilution risks from warrants.

Propanc Biopharma (PPCB) fell 14.37% intraday following its announcement of a $100 million private placement with Hexstone Capital, which includes 9,900 warrants exercisable immediately for up to $99 million in preferred stock. The deal, aimed at funding digital asset acquisitions and R&D, introduces substantial dilution risk, as the warrants could enable rapid share issuance and immediate liquidity for Hexstone. Analysts highlighted concerns over the structure’s volatility exposure, equity conditions, and repeated dilution pressure if warrants are exercised. The stock’s sharp decline reflects investor skepticism toward the capital-raising strategy, which prioritizes digital asset investments over traditional biotech funding models, raising questions about long-term value retention for existing shareholders.