- Fortress Biotech ( NASDAQ: FBIO ) shares fell 13% Wednesday morning after the biopharmaceutical company priced its offering of 16.6M shares at $0.835 for gross proceeds of ~$13.9M.
- Net proceeds from the offering will be used for general corporate purposes and working capital.
- Certain directors and officers of the company participated in the offering and purchased ~$3.3M of Fortress common stock at the same purchase price.
- In a concurrent private placement, investors in the registered direct offering will also receive a pro rata right to acquire, in the aggregate, securities exercisable into ~3.5% of the outstanding shares of common stock in each of the company's next 20 new operating subsidiaries.
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Fortress Biotech stock dips after pricing ~$13.9M stock offering