QTNT - Quotient stock slumps on pricing $20M share offering

Quotient (NASDAQ:QTNT) shares slumped 27% pre-market after the commercial-stage diagnostics company priced its underwritten public offering of 66.66M ordinary shares and ordinary share equivalents for aggregate gross proceeds of $20M. Underwriters have been granted a 30-day option to purchase up to an additional 10M of ordinary shares. Net proceeds are expected to be ~$18.5M, which will be used to fund the ongoing development and commercialization of the company's MosaiQ microarray menu and for working capital, operating expenses and other general corporate purposes. Offering is expected to close on June 28, 2022.

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Quotient stock slumps on pricing $20M share offering