AN2 Therapeutics Announces Pricing Of $70M Underwritten Offering Of 7,777,778 Shares Of Common Stock At A Price Of $9/Share
Portfolio Pulse from Happy Mohamed
AN2 Therapeutics, Inc. (NASDAQ:ANTX) has announced the pricing of an underwritten offering of 7,777,778 shares of its common stock at $9.00 per share, a premium from today's closing price. The gross proceeds from the offering are expected to be approximately $70.0 million. The offering is expected to close on August 18, 2023. Investors include RA Capital Management, TCGX, Frazier Life Sciences, Marshall Wace, Adage Capital Partners LP, Avidity Partners, Janus Henderson Investors and Surveyor Capital (a Citadel company).
August 16, 2023 | 4:17 am
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NEUTRAL IMPACT
AN2 Therapeutics is issuing new shares at a premium, which could dilute existing shareholders but also provide the company with additional capital for its operations.
The news of the share offering could have a mixed impact on ANTX's stock price. On one hand, the offering could dilute existing shareholders, potentially leading to a decrease in the stock price. On the other hand, the fact that the shares are being offered at a premium could be seen as a positive sign of the company's value, potentially leading to an increase in the stock price. Additionally, the funds raised from the offering could be used to further the company's operations, which could also positively impact the stock price in the long term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100