2023-03-28 16:25:18 ET
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PolyPid ( NASDAQ: PYPD ) said Tuesday it commenced an underwritten public offering of its ordinary shares.
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In addition, PolyPid intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the number of ordinary shares.
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All of the ordinary shares in the offering are being offered by PolyPid.
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Other details regarding offer price and number of shares being offered were not disclosed.
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PolyPid intends to use the net proceeds from the offering to fund ongoing clinical activities and development of D-PLEX 100 , working capital and other general corporate purposes.
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Newbridge Securities Corporation is acting as the sole book-running manager of the offering.
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Shares -9.5% at $0.43 after hours.
For further details see:
PolyPid proposes stock offering, shares fall after hours