Arcutis Biotherapeutics shares are trading lower after the company announced the pricing of a $100 million public offering of 32.5 million common shares at $2.50 per share.
Portfolio Pulse from Benzinga Newsdesk
Arcutis Biotherapeutics has announced the pricing of a $100 million public offering of 32.5 million common shares at $2.50 per share. Following the announcement, the company's shares are trading lower.
October 20, 2023 | 2:55 pm
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Arcutis Biotherapeutics' shares are trading lower after the company announced a $100 million public offering of its shares at $2.50 each.
The company's shares are trading lower likely due to the dilution effect of the new share issuance. The offering price is also lower than the current trading price, which could be another reason for the drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100