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Investing.com -- Nektar Therapeutics (NASDAQ:NKTR) stock dropped 3% after the clinical-stage biotechnology company announced it has commenced an underwritten public offering of shares of its common stock and pre-funded warrants.
The San Francisco-based company, which focuses on developing innovative medicines in immunotherapy, said it will offer all shares of common stock and pre-funded warrants through this public offering. Nektar also plans to 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.
Nektar intends to use the proceeds from the offering for general corporate purposes, including research and development, clinical development, and manufacturing costs to support the advancement of its drug candidates.
Jefferies and Piper Sandler are serving as joint bookrunning managers for the offering, which remains subject to market and other conditions. The company noted there can be no assurance about whether or when the offering may be completed, or about its actual size or terms.
The announcement of the public offering, which typically leads to dilution of existing shareholders’ stakes, appears to have prompted the 2% decline in Nektar’s share price.
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