TRACON Pharmaceuticals (NASDAQ:TCON) Stock Sees heavy Selling Pressure: Here is Why
Clinical stage biopharmaceutical company focusing on development and commercialisation of unique cancer therapeutics, TRACON Pharmaceuticals (NASDAQ:TCON), on 22nd July, 2021 announced that due to demand, underwriter has accepted on augmenting size of earlier announced public offering. TRACON said that purchase on a firm commitment basis 3,926,702 shares of common stock of firm at a price of $3.82 per share, reducing underwriting discounts as well as commissions.
The firm has given underwriter 30-day option for purchasing an additional 589,005 shares of common stock at public offering price. The closing of public offering will happen before July 26, 2021, subject to satisfactory closing. H.C. Wainwright & Co. is only acting book-running manager.
The proceeds of offering anticipated to be $15 million, before deducting underwriting discounts as well as other expenses. TRACON aims to utilise proceeds from the offering for supporting clinical development of envafolimab and for general purposes.
Common stocks are being given pursuant to effective registration statement on Form S-3 which was filed with the U.S. Securities and Exchange Commission on March 1. Shares are being given only through prospectus.
Additionally, prospectus supplement as well as accompanying prospectus are available on the SEC’s website. Electronic copies of prospectus supplement will be provided to users as well.
Market Reaction:
On Wednesday, TCON stock fell 4.30% at $4.93 with more than 209k shares, compared to its average volume of 141k shares. The stock has moved within a range of $4.8800 – 5.4226 after opening the trade at $5.19. Over the past 52-week, the stock has been trading within a range of $1.5500 – 12.2000. The stock is down another 23.50% in the pre-market session.