DURECT shares are trading lower after the company announced a $15 million registered direct offering priced at-the-market under Nasdaq rules.
Portfolio Pulse from Benzinga Newsdesk
DURECT Corporation has announced a $15 million registered direct offering priced at-the-market under Nasdaq rules, causing its shares to trade lower.
July 20, 2023 | 12:22 pm
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NEGATIVE IMPACT
DURECT's announcement of a $15 million registered direct offering has led to a decrease in its share price.
The announcement of a registered direct offering often leads to a decrease in the share price as it implies an increase in the number of shares available in the market, diluting the value of existing shares. This is likely the reason for DURECT's shares trading lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100