Alector Announces Pricing Of $75M Public Offering Of 10,869,566 Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
Alector, Inc. (NASDAQ: ALEC), a biotech company, has priced a public offering of 10,869,566 shares at $75 million. The offering is set to close on January 19, 2024, with Cantor Fitzgerald & Co. as the sole book-runner. Alector also granted a 30-day option to purchase up to an additional 1,630,434 shares. The proceeds are before underwriting discounts, commissions, and estimated offering expenses.
January 17, 2024 | 1:58 pm
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Alector's public offering of shares may dilute current stock value but provides capital for growth. Closing set for Jan 19, 2024.
Public offerings often lead to dilution of existing shares, which can negatively impact the stock price in the short term. However, the capital raised can be used for growth, which might be positive in the long term. The impact is significant due to the size of the offering relative to the company's market capitalization.
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