Rapport Adds Pre-Funded Warrants to Its Priced $175M Common Stock Offering
RAPP is trading near its 52-week low of $23.75 (7.4% below the low).
Summary
Rapport supplemented its already-priced offering to include pre-funded warrants (public price minus $0.001, $0.001 strike, no expiry) alongside roughly $175.0M of common stock at $21.00 a share. The deal size is unchanged; the warrants add a deferred-dilution layer and a lock-up carve-out for their underlying shares.
Key Events · Financing and Capital Events · RAPP
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Pre-Funded Warrants Added to Offering
The FWP adds pre-funded warrants to the securities being offered, priced at the common stock public offering price minus the $0.001 per-share exercise price. They do not expire and are exercisable immediately.
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Deal Size Unchanged at ~$175M
The underlying offering remains about $175.0M of common stock at $21.00 a share, plus a 30-day underwriter option on up to $25.0M of additional shares equal to 15% of the base deal.
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Warrant Shares Add Future Dilution
Exercise of the pre-funded warrants yields nominal proceeds but issues additional shares, and the 90-day lock-up does not apply to those shares — increasing the resale-eligible float.
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Ownership Blocker Limits Exercise
Holders cannot exercise beyond 4.99% beneficial ownership, adjustable to no more than 19.99% on 61 days' notice. The warrants will not be listed on Nasdaq.
Analysis · RAPP · Life Sciences
This free writing prospectus updates the offering Rapport launched and priced this week by adding pre-funded warrants alongside the common stock. Priced at the public offering price minus $0.001 and carrying a nominal $0.001 strike, the warrants function as a deferred share purchase for investors who want exposure without immediately taking delivery of shares — typically a demand-broadening tool rather than new capital. The economics of the deal are unchanged: roughly $175.0M of common stock at $21.00 a share, with a 30-day option on up to $25.0M more. What matters for holders is that the warrant shares are additional future dilution on top of the common stock sold, and the lock-up carve-out lets those shares become resale-eligible during the 90-day window. Proceeds go to the RAP-219 clinical program, which just posted positive Phase 2 bipolar mania data on 2026-10-20.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RAPP was trading at $22.00 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $23.75 to $52.93. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.