The announcement of a $100 million underwritten offering and concurrent private placement by Fate Therapeutics is a significant move aimed at raising capital. This capital is likely intended for further research and development, as well as potential expansion of the company's operations. While such financial activities can dilute current shareholders' value in the short term, they are often viewed positively if the funds are used effectively for growth. Therefore, the short-term impact on FATE's stock price could be neutral as the market balances these factors.