ARQT - Arcutis Biotherapeutics gains on pricing $150M sock offering

• Arcutis Biotherapeutics ( NASDAQ: ARQT ) jumps 6.5% after-hours Tuesday on pricing its underwritten public offering of 7.5M shares of its common stock at a public offering price of $20.00/share, representing a premium to the closing price of $19.50/share on August 2, 2022.
• Underwriters are granted a 30-day option to purchase up to an additional 1,125,000 shares of common stock at the public offering price.
• The gross proceeds to Arcutis from the offering are expected to be $150.0M.
• Offering is expected to close on August 5, 2022.
• Net proceeds from the offering, together with its existing cash, cash equivalents, restricted cash, and marketable securities, will be used to fund the continued development, approval and commercialization of its multiple programs and the remainder for working capital and other general corporate purposes.
• Earlier, ARQT stock gains on offering of $150M common stock .

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