2023-06-28 14:24:47 ET
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Axsome Therapeutics ( NASDAQ: AXSM ) on Wednesday priced a public offering of its common shares to raise $225 million.
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The company said it will offer 3 million shares at $75 apiece.
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The offer price represents a 10% discount to the stock's closing price of $83.37 on Tuesday.
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Shares -10% at $75.05.
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The underwriters have a 30-day option to purchase up to 450,000 additional shares.
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The offering is expected to close on or about June 30, 2023.
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Net proceeds from the offering will be used to advance its late-stage pipeline, expand its commercialization efforts, and for other general corporate purposes, among other things.
For further details see:
Axsome Therapeutics prices discounted stock offering to raise $225M, shares fall