ABOS - Acumen Pharma plans for $100M stock offering shares fall
2023-07-17 17:27:38 ET
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Acumen Pharmaceuticals ( NASDAQ: ABOS ) has proposed an underwritten public offering of its common stock to raise $100 million, the company said Monday.
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All of the shares to be sold in the offering are to be sold by the company.
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The underwriters have a 30-day option to purchase up to an additional $15 million of shares of its common stock.
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Pricing terms and the number of shares to be offered were not disclosed.
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BofA Securities, Citigroup, and Stifel are acting as bookrunners, while BTIG is acting as lead manager for the public offering.
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The net proceeds from the public offering will be used primarily to fund the Phase 2 portion of a future, potential Phase 2/3 adaptable trial of ACU193, to fund chemistry, manufacturing, and other research and development activities, and for working capital and other general corporate purposes.
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Shares -10.4% at $8.71 after hours.
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Acumen Pharma plans for $100M stock offering, shares fall