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Investing.com -- CorMedix Inc . (NASDAQ:CRMD) stock dropped 8.7% after the biopharmaceutical company announced plans for an $85 million common stock offering.
The company, which focuses on developing therapeutic products for life-threatening diseases and conditions, said it intends to sell $85 million of common shares in an underwritten public offering. CorMedix will also grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions.
RBC Capital Markets is acting as the sole bookrunner for the offering, which remains subject to market conditions with no guarantee of completion or final terms.
CorMedix plans to use the net proceeds for general corporate purposes, including working capital, research and development expenses, and potential strategic transactions such as acquisitions, joint ventures, or collaborations that complement the company’s business.
Share offerings typically cause stock price declines as they dilute existing shareholders’ ownership stakes in the company.
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