ARQT - Arcutis Announces Pricing of $100 Million Public Offering | Benzinga
WESTLAKE VILLAGE, Calif., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) ("Arcutis"), an early commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced the pricing of its underwritten public offering of common stock and, in lieu of common stock to certain investors, pre-funded warrants. Arcutis is selling 32,500,000 shares of common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 7,500,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $2.50 per share and the pre-funded warrants are being sold at a public offering price of $2.4999 per pre-funded warrant, which represents the per share public offering price for each share of common stock less the $0.0001 per share exercise price for each pre-funded warrant. All shares of common stock and pre-funded warrants to be sold in the offering are being offered by Arcutis. In addition, Arcutis has granted the underwriters a 30-day option to purchase up to an additional 6,000,000 shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The gross proceeds to Arcutis from the offering are expected to be approximately $100.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Arcutis, excluding the exercise of any pre-funded warrants and assuming no exercise of the underwriters' option to purchase additional shares. Subject to the satisfaction of customary conditions, the offering is expected to close on October 24, 2023.
Arcutis intends to use the net proceeds from this offering, together with its existing cash, cash equivalents, restricted cash, and marketable securities, to fund the continued development, approval and commercialization of its multiple programs, including for ...