BLTE - Belite Bio down 38% prices $30M offering

2023-05-31 03:01:56 ET

Belite Bio ( NASDAQ: BLTE ) slumps 38% as it prices an underwritten public offering of 2M ADSs , each representing one of its ordinary shares, and warrants to purchase 2M ordinary shares represented by ADSs, at a public offering price of $15.00 per ADS and accompanying warrant.

The warrants will be exercisable immediately, will expire five years from the date of issuance and will have an exercise price of $18.00 per ADS.

Gross proceeds are expected to be $30M.

Closing is expected to occur on or about June 2, 2023.

Net proceeds will be used for clinical trials and further clinical development of Tinlarebant, funding its research and development of other pipeline products and for working capital and other general corporate purposes.

For further details see: