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Investing.com -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:CRBP) stock tumbled 22.6% on Friday after the oncology and obesity company announced the pricing of a public offering that will dilute existing shareholders.
The company priced an underwritten public offering of 4,744,231 shares of common stock at $13.00 per share, along with pre-funded warrants to purchase 1,025,000 shares at $12.9999 per warrant. The total offering size amounts to approximately $75 million before deducting underwriting discounts and expenses.
Corbus has also granted underwriters a 30-day option to purchase up to an additional 865,384 shares on the same terms. The offering is expected to close around November 3, 2025, subject to customary conditions.
The company stated it intends to use the net proceeds to fund clinical development of its pipeline and for working capital and other general corporate purposes. The significant stock decline reflects investor concerns about share dilution from the new offering.
Jefferies LLC is serving as the book-running manager for the offering, with RBC Capital Markets, LifeSci Capital LLC, and Mizuho Securities USA LLC acting as lead managers.
Corbus Pharmaceuticals focuses on developing treatments in the oncology and obesity sectors, but the substantial stock drop indicates market skepticism about the financing move despite the company’s efforts to advance its clinical pipeline.
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