Spyre Therapeutics shares are trading lower after the company announced a $180 million private placement of its Series B non-voting convertible preferred stocks at a price of $1,480 per share.
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Spyre Therapeutics announced a $180 million private placement of Series B non-voting convertible preferred stocks at $1,480 per share, causing its shares to trade lower.
March 18, 2024 | 5:11 pm
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Spyre Therapeutics' shares are trading lower following the announcement of a $180 million private placement of Series B non-voting convertible preferred stocks at $1,480 per share.
The announcement of a significant private placement often leads to a dilution of existing shares or concerns about the valuation at which new shares are issued. In this case, the large size of the placement and the high price per share might raise concerns about dilution or valuation, leading to a negative short-term impact on the stock price.
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