ARQT - Arcutis announces pricing of $100 million public offering

2023-10-20 06:10:30 ET

• Arcutis Biotherapeutics ( NASDAQ: ARQT ) 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.
• ARQT -18.15% premarket to $2.48
• Source: Press Release

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