ONCT - Oncternal Therapeutics shares dip 20% after raising 'bought deal' offering to $22.5M

Due to demand, Oncternal Therapeutics (ONCT) announces that the underwriter has agreed to increase the size of the previous public offering of ~7.3M common shares (from ~6.5M), to be priced at $3.10/share, for expected gross proceeds of ~$22.5M. Underwriter's over-allotment is an additional ~1.1M shares.Net proceeds will be used for general corporate purposes, including clinical and preclinical development of product candidates and for working capital.H.C. Wainwright & Co. is acting as the sole book-running manager.Closing date is November 20.Shares down 20% after-hours.

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Oncternal Therapeutics shares dip 20% after raising 'bought deal' offering to $22.5M