Intra-Cellular Therapies Announces $500M Proposed Public Offering Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) has announced a proposed public offering of $500 million of its common stock, with an option for underwriters to purchase an additional 15% of shares. The offering is managed by J.P. Morgan, Leerink Partners, BofA Securities, Morgan Stanley, and RBC Capital Markets, and its completion is subject to market conditions.
April 16, 2024 | 8:13 pm
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Intra-Cellular Therapies announces a $500 million public offering of common stock, potentially diluting current shareholders but providing significant capital for operations and development.
Public offerings often lead to short-term negative impact on a company's stock price due to the potential dilution of existing shares. However, the capital raised is crucial for Intra-Cellular's operations and future development projects. The involvement of major financial institutions as underwriters could add credibility to the offering, but the final impact depends on market conditions and investor reception.
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