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Investing.com -- Larimar Therapeutics (NASDAQ:LRMR) stock fell 9% on Wednesday after the clinical-stage biotechnology company announced the pricing of an underwritten public offering.
The company priced 18.75 million shares of common stock at $3.20 per share, representing a discount to Wednesday’s closing price of $3.53. The offering is expected to generate $60 million in gross proceeds before deducting underwriting discounts, commissions, and other expenses.
Larimar has also granted the underwriters a 30-day option to purchase up to an additional 2.81 million shares at the public offering price, less underwriting discounts and commissions.
The offering, which consists entirely of shares being offered by Larimar, is expected to close on or about July 31, 2025, subject to customary closing conditions.
Larimar Therapeutics focuses on developing treatments for complex rare diseases. The company’s stock declined as investors reacted to the dilutive effect of the new share issuance, which represents a significant addition to the company’s outstanding shares.
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