Shares of biopharmaceutical company Belite Bio (NASDAQ:BLTE) are down nearly 38% at the time of writing today after it announced an underwritten public offering of two million American depository shares (ADSs).
The offer price has been set at $15 per ADS and its associated warrant. Further, the warrants are exercisable immediately and expire five years after issuance (exercise price of $18 per ADS).
The offering is anticipated to close on or about June 2 and BLTE expects to rake in $30 million in gross proceeds from the offer. It plans to use the funds raised for working capital and other general corporate purposes as well as for R&D activities including the development of Tinlarebant.
Today’s hefty price correction comes after a nearly 58% rise in BLTE shares over the past year.
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