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Investing.com -- RAPT Therapeutics Inc (NASDAQ:RAPT) stock dropped 5.3% in after-hours trading following the company’s announcement of a new public offering of common stock.
The clinical-stage immunology-based biopharmaceutical company revealed plans to commence an underwritten public offering of its common shares. RAPT also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the total shares being offered, at the public offering price less underwriting discounts and commissions.
The offering, which is subject to market conditions, will be managed by several financial institutions acting as joint bookrunning managers, including Leerink Partners, TD Cowen, Guggenheim Securities, Wells Fargo Securities, and LifeSci Capital. H.C. Wainwright & Co. and Clear Street will serve as lead managers for the proposed transaction.
RAPT Therapeutics, which focuses on discovering, developing, and commercializing novel therapies for inflammatory and immunological diseases, did not disclose the specific number of shares or pricing terms for the offering. The company noted that there is no guarantee regarding when or if the offering will be completed, or its final size and terms.
All shares in the proposed offering will be offered by RAPT Therapeutics itself rather than existing shareholders.
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