VBI Vaccines (NASDAQ:VBIV) stocks took a hard hit, falling by over half on Thursday after the company rolled out the pricing details for its public and registered direct offerings. With a collective target of raising $21 million, the pricing was set to a disconcerting level of $1.65 per share, a steep drop from Wednesday’s closing price of $2.42. This represented a discount of almost 32%, sparking a sell-off that sent shares tumbling to a low of $1.08.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The company has put up over 10 million shares for the public offering, which along with matching common warrants, is expected to amass $18 million. A concurrent registered direct offering of a little less than 2 million common shares and matching warrants aims to bring in an additional $3 million. The underwriters hold a 30-day option to acquire up to an extra 1.6 million shares and/or warrants. The funds accrued from these offerings will be channeled towards the commercialization of PreHevbrio in the U.S., Europe, and Canada and for the production of PreHevbrio and clinical materials for pipeline programs.
A look at the past five trading days for VBIV stock highlights the level of impact today’s news had on it. Indeed, shares crumbled over 51% at the time of writing. As a result, investors are now down 58.66% during this timeframe.
