Tourmaline Bio Announces Proposed Public Offering Of Common Stock; No Size Or Amount Disclosed
Portfolio Pulse from Benzinga Newsdesk
Tourmaline Bio, Inc. (NASDAQ:TRML), a biotech company, announced a proposed underwritten public offering of its common stock. The size and amount of the offering have not been disclosed. Tourmaline will sell all the shares and may grant underwriters a 30-day option to buy up to an additional 15% of the shares sold. The offering's completion is uncertain and depends on market conditions. Jefferies, Piper Sandler, Guggenheim Securities, and Truist Securities are the joint book-running managers.
January 24, 2024 | 9:34 pm
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Tourmaline Bio announced a public offering of common stock without disclosing the size or amount. This may lead to dilution of existing shares, potentially impacting the stock price negatively in the short term.
Public offerings often result in dilution of existing shares, which can lead to a decrease in stock price as the market absorbs the additional supply. The lack of details on the size and amount adds uncertainty, which can also negatively affect investor sentiment in the short term.
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