ACHV - Achieve Life Sciences slides 15 % premarket after prices stock offering of $20M

Achieve Life Sciences (ACHV) has priced its offering of ~2.86M common stock at $7/share for gross proceeds of ~$20M.Oppenheimer & Co. Inc. is acting as the sole book-running manager in connection with the offering.ACHV also has granted the underwriters a 30-day option to purchase up to an additional 428,571 common shares.Net proceeds to be used for funding ongoing cytisinicline development, other clinical research and development and for general corporate purposes.The offering is expected to close on or about May 27, 2021, subject to customary closing conditions.Previously (May. 24), Achieve Life Sciences under pressure on proposing stock offering.Shares are down 15.16% PM.

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Achieve Life Sciences slides 15 % premarket after prices stock offering of $20M