Gritstone Bio shares are trading lower after the company announced a $32.5 million underwritten public offering of 8,333,333 shares of common stock and accompanying common warrants at $1.50 per share and accompanying common warrant.
Portfolio Pulse from Benzinga Newsdesk
Gritstone Bio announced a $32.5 million underwritten public offering of 8,333,333 shares of common stock and accompanying common warrants at $1.50 per share, causing its shares to trade lower.
April 02, 2024 | 12:16 pm
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Gritstone Bio's stock is trading lower following the announcement of a $32.5 million underwritten public offering at $1.50 per share.
The announcement of a significant public offering at a price that may be lower than the current trading price typically leads to a decrease in the stock price due to dilution concerns and the perception of the stock being valued lower.
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