Praxis Precision Medicines Prices Its Underwritten Public Offering Of 3.17M Shares At $35.50/Share And, In Lieu Of Shares Of Common Stock, Pre-funded Warrants To Purchase Up To 1.06M Shares At $35.4999/Pre-funded Warrant, For Gross Proceeds Of ~$150M
Portfolio Pulse from Benzinga Newsdesk
Praxis Precision Medicines has announced the pricing of its underwritten public offering of 3.17 million shares at $35.50 per share and pre-funded warrants to purchase up to 1.06 million shares at $35.4999 per warrant. The gross proceeds from the offering are expected to be approximately $150 million.
January 11, 2024 | 12:34 pm
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NEUTRAL IMPACT
Praxis Precision Medicines has priced a significant public offering, which may dilute existing shareholders but also provides substantial capital for the company's operations and research.
The announcement of a public offering typically has a neutral to slightly negative short-term impact on a company's stock price due to the potential dilution of existing shares. However, the capital raised can be significant for the company's growth and development, which might balance out the dilution concerns. The exact impact on the stock price will depend on investor perception of the company's growth prospects and the use of the proceeds.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100