By Sabela Ojea
Shares of Synlogic on Friday dropped after the company said it is launching an underwritten public offering at a discounted price.
At 12:54 p.m. ET, shares were down 9.8% to $2.85. The stock has, however, plunged 75% since the year started, and 80% in the past 12 months.
The biotechnology company said it is issuing 7.4 million shares of common stock and accompanying common warrants at a price of $2.84 to raise gross proceeds of about $21 million.
The share price represents a 10% discount to the company’s latest closing trading price of $3.16.
The offering is expected to close on or about Oct. 3.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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