Viridian Therapeutics, a leading biotechnology company, has recently announced the pricing of its underwritten public offering. The offering, which is expected to generate proceeds of $150 million, will enable Viridian to advance its clinical development programs and support its general corporate purposes.
Stock Performance and Public Offering Details
Despite the positive news of the underwritten public offering, Viridian Therapeutics’ shares experienced an 11% decline, trading at $19.90. It is important to note that the company’s stock hit a 52-week low of $10.93 on October 25, and has seen a decline of 46% over the past year. However, this offering presents a potential opportunity for investors.
The public offering consists of a total of 7.1 million shares being sold at a price of $21 per share. Viridian has also granted the underwriters a 30-day option to purchase an additional 1.1 million shares at the public offering price, considering underwriting discounts and commissions.
Utilization of Proceeds
Following the completion of the underwritten public offering, Viridian Therapeutics intends to allocate the proceeds towards various purposes. These include furthering its clinical development programs, as well as enhancing its working capital and supporting general corporate needs.
The company plans to combine the raised funds from this offering with its existing cash, cash equivalents, and short-term investments.
The underwritten public offering is scheduled to conclude on or around Monday, and it is expected to contribute significantly to Viridian’s strategic growth.