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Investing.com -- Vor Biopharma Inc (NASDAQ:VOR) stock plunged 14.9% in after-hours trading Monday after the clinical-stage biotechnology company announced plans for a $100 million public offering of common stock.
The autoimmune disease treatment developer said it intends to offer $100 million of common shares, with an additional 30-day option for underwriters to purchase up to $15 million more shares at the public offering price, less underwriting discounts and commissions. All shares in the proposed offering would be issued by Vor Bio.
J.P. Morgan, Jefferies, Citigroup and TD Cowen are serving as joint book-running managers for the offering, which remains subject to market conditions and other factors. The company noted there is no assurance regarding when or if the offering will be completed, or its final size and terms.
The significant stock drop reflects typical market reaction to public offerings, which often dilute existing shareholders’ ownership stakes. Vor Bio focuses on developing treatments for autoimmune diseases, but did not specify how it plans to use the proceeds from the offering in its announcement.
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