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Investing.com -- Cidara Therapeutics (NASDAQ:CDTX) stock fell 4% in after-hours trading on Monday following the company’s announcement of a proposed public offering of common stock.
The biotechnology company plans to commence an underwritten public offering to issue and sell $250.0 million of shares of its common stock, subject to market and other conditions. All of the shares in the proposed offering will be offered by Cidara.
In connection with the offering, Cidara expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the public offering. The company noted that there can be no assurance as to whether or when the proposed offering may be completed or the actual size or terms of the offering.
J.P. Morgan, Morgan Stanley (NYSE:MS), Guggenheim Securities, and Cantor are serving as joint book-running managers for the proposed offering.
Cidara Therapeutics is focused on developing drug-Fc conjugate (DFC) therapeutics using its proprietary Cloudbreak® platform. The stock’s decline reflects the typical market reaction to potential dilution from new share issuances.
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