Reported Earlier, Avidity Biosciences Prices $400.9M Public Offering Of 10.55M Common Shares At $38/Share
Portfolio Pulse from Benzinga Newsdesk
Avidity Biosciences has announced a public offering of 10.55 million common shares at $38 per share, expected to raise $400.9 million in gross proceeds. The offering is anticipated to close around June 17, 2024, pending customary closing conditions.
June 14, 2024 | 6:38 am
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Avidity Biosciences is conducting a public offering of 10.55 million shares at $38 each, aiming to raise $400.9 million. The offering is expected to close by June 17, 2024, subject to customary conditions.
The issuance of new shares typically dilutes existing shareholders' equity, which can lead to a short-term decrease in stock price. However, the raised capital could be used for growth initiatives, potentially benefiting the company in the long term.
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