Actuate Therapeutics' Stock Tumble on Plan to Sell 50M Shares
Dow Jones
Yesterday
Actuate Therapeutics' stock slid after the cancer drug developer disclosed plans to sell 50 million shares, which would increase its outstanding shares to 74 million.
The stock was down 22% to 63 cents after hours. As of the market close, shares were down 87% year to date.
Actuate expects to use proceeds from the sale for working capital and general corporate purposes.
The company also said it entered letter agreements with shareholders Bios Partners and Kairos Venture Investments, which agreed not to sell stock for two years after the close of the offering, subject to certain limited exceptions. Actuate will issue a total of 3.7 warrants to those two investors.
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