ETNB - 89bio trades in red on pricing upsized $$94.5M in stock and pre-funded warrants offering

89bio (ETNB) is down 4.8% after-hours after the firm has priced its previously announced underwritten public offering of 18.68M shares of its common stock and accompanying warrants to purchase up to 9.34M shares of common stock at a combined public offering price of $3.55 and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 7.94M shares of its common stock and accompanying warrants to purchase up to 3.97M shares of common stock at a combined public offering price of $3.549. The pre-funded warrants have an exercise price of $0.001/share, and are exercisable immediately. The warrants have an exercise price of $5.325/share, are exercisable immediately, and will expire two years following the date of issuance. The gross proceeds are expected to be ~$94.5M. Offering is expected to close on or about July 1, 2022.

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89bio trades in red on pricing upsized $$94.5M in stock and pre-funded warrants offering