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Poseida Therapeutics ( NASDAQ: PSTX ) shares plunged ~20% pre-market on Thursday after the biopharmaceutical company priced its underwritten public offering of 20M shares of its common stock at $3.50 per share.
Gross proceeds are estimated to be ~$70M.
In addition, Poseida ( PSTX ) granted the underwriters a 30-day option to purchase up to an additional 3M shares of its common stock.
The offering is expected to close on or about August 8, 2022.