PRAX - Praxis Precision Medicines stock dips on pricing $59.1M securities offering

2023-06-16 05:59:42 ET

• Praxis Precision Medicines ( NASDAQ: PRAX ) shares fell 6.15% premarket on Friday after the biopharma company priced its securities offering to raise around $59.1M in gross proceeds.

• The offering comprises 55.15M ordinary shares, issued at $0.95 each.
• The underwriter has been granted a 30-day option to purchase up to an additional 9.29M shares at the public offering price. The offering is expected to close on or about June 21, 2023.
• In addition, Praxis Precision Medicines ( PRAX ) is offering pre-funded warrants to purchase up to 7.05M common stock at a price of $0.9499 per pre-funded warrant. The warrants have an exercise price of $0.0001/ordinary share.
• All shares and the pre-funded warrant in the offering are being offered by Praxis.
• Offering is expected to close on or about June 21, 2023.

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