Why AlloVir Stock Is Diving Thursday
Portfolio Pulse from Adam Eckert
AlloVir Inc (NASDAQ:ALVR) shares are trading lower after the company priced a public offering of common stock at $3.75 per share. The offering consists of 20 million shares, with gross proceeds expected to total $75 million. AlloVir also granted the underwriters a 30-day option to purchase up to an additional 3 million shares at the public offering price.
June 22, 2023 | 12:53 pm
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AlloVir's stock price is trading lower after pricing its public offering of 20 million shares at $3.75 per share, with expected gross proceeds of $75 million.
AlloVir's stock price is trading lower due to the announcement of its public offering of 20 million shares at $3.75 per share. This dilutes the value of existing shares, leading to a decrease in the stock price. The expected gross proceeds of $75 million may be used for the company's growth and development, but the immediate impact on the stock price is negative.
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