CDTX - Cidara secures capital raise of $17M; stock down 18%
- Biotech Cidara Therapeutics ( NASDAQ: CDTX ) down 17.7% premarket after the company announced the pricing of its public offerings of 9.64M shares of common stock and 286,000 shares of Series X Convertible Preferred Stock (each share of which is initially convertible into 10 common shares), for expected gross proceeds of ~$17.5M.
- Underwriter's over-allotment is an additional 1,446,000 common shares.
- Closing date is March 7, 2023.
- Previously (March 3): Cidara stock slumps ~15% on common stock, preferred shares offerings
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Cidara secures capital raise of $17M; stock down 18%