Shares of orthobiologic products provider Bone Biologics (NASDAQ:BBLG) are down a massive 53% at the time of writing today after the company priced an underwritten public offering of nearly 2.54 million common shares.
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The company is selling the shares at $1.97 apiece for gross proceeds of about $5 million and underwriters have been granted a 45-day option to acquire an additional 253,807 shares as well. The offer is expected to close on or about June 16 and remains subject to closing conditions.
The development comes fresh on the heels of BBLG effecting a 1-for-30 reverse stock split earlier this month. At the same time, short interest in the stock currently stands at about 3.4%.
Today’s mega price erosion comes on top of a nearly 89% drop in BBLG shares over the past year.
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