IOVA - Iovance Biotherapeutics stock dips on pricing $150M stock offering
2023-07-11 01:30:52 ET
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Iovance Biotherapeutics ( NASDAQ: IOVA ) on Monday announced pricing of an underwritten public offering of 20 million shares of its common stock at a $7.50 per share.
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The stock is down about 10% to $7.92 after-hours on Monday.
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Gross proceeds from the offering are expected to be approximately $150 million.
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Underwriters are granted a 30-day option to purchase up to 3 million additional shares of common stock at the public offering price.
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Offering is expected to close on or about July 13, 2023, subject to customary closing conditions.
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Iovance intends to use the proceeds from this offering for several purposes, including to fund the commercial launch of lifileucel and to prepare its manufacturing facility in Philadelphia and for other general corporate purposes.
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More on Iovance
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Iovance Biotherapeutics stock dips on pricing $150M stock offering