Sarepta Therapeutics, Inc. (NASDAQ: SRPT) has declared the pricing of an underwritten public offering of 6,172,840 shares of its common stock at a price to the public of $81.00 per share. Sarepta has awarded the underwriters a 30-day option to buy up to an additional 925,926 shares of its common stock on the same terms and conditions as the initial shares sold to the underwriters.
Shares of Sarepta Therapeutics, Inc plunged 12.46% as the firm has lost -11.85 during the trading session of Wednesday. Sarepta projected that the gross profit from the offering will be around $500.0 million before subtracting the underwriting discounts and commissions and other offering expenses. It also removed the exercise of the underwriters’ option to buy additional shares.
Furthermore, the firm is planning to use the net profit from the offering mostly for the progress of, and commencement of further, clinical studies, advertisement, production, business development activities, including the potential licensing or acquisition of similar products, technologies, and entities, and other general business purposes.
In addition, the shares are being presented by Sarepta in accordance with a valid shelf registration statement that was earlier submitted to SEC. The offering is being made only through a written prospectus and prospectus supplement. The offering is anticipated to execute on or about October 18, 2021, dependent on traditional closing conditions.