Hulk Hogan, wrestling icon, dies at 71 in Florida home
THOUSAND OAKS, Calif. - Atara Biotherapeutics, Inc. (NASDAQ:ATRA), a biotechnology firm focused on T-cell immunotherapy treatments, has announced the pricing of a new stock and warrant offering. The announcement comes as InvestingPro data shows the company is quickly burning through cash, with a concerning current ratio of 0.48 indicating short-term obligations exceed liquid assets. Despite these challenges, analysis suggests the stock may be undervalued at current levels. The company is offering 834,237 shares of common stock at $6.61 each and pre-funded warrants to purchase 1,587,108 shares at $6.6099 per share. The warrants can be exercised immediately at a price of $0.0001 per share and are directed at a select group of existing institutional investors.
The transaction is slated to close around May 16, 2025, contingent upon customary closing conditions. Atara anticipates raising $16 million in gross proceeds, prior to the deduction of underwriting discounts, commissions, and other estimated offering expenses. This capital raise is significant for the company, which currently has a market capitalization of just $38.7 million and reported negative EBITDA of -$73.28 million in the last twelve months. InvestingPro subscribers can access 8 additional key financial tips and detailed analysis about Atara’s financial health. The net proceeds are earmarked for the continued development of tab-cel, a candidate for biologics license application (BLA) approval, as well as for general corporate purposes and working capital.
TD Cowen is serving as the sole bookrunner for this offering. The securities are being offered under a shelf registration statement filed with the U.S. Securities and Exchange Commission on November 1, 2023, and declared effective on November 13, 2023. Further details will be available in a prospectus supplement filed with the SEC.
This offering is in accordance with the legal requirements and is not an offer to sell or a solicitation of an offer to buy in any jurisdiction where such offer or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Atara Biotherapeutics specializes in developing therapies for cancer and autoimmune diseases using its proprietary allogeneic Epstein-Barr Virus (EBV) T-cell platform. The company is headquartered in Southern California. The company’s stock has faced significant challenges, with a year-to-date decline of over 50% and revenue growth forecast to decline by 0.72% in the current fiscal year, according to InvestingPro data.
The information provided is based on a press release statement from Atara Biotherapeutics, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.