Rapport Finalizes $21.00 Offering: 8.3M Shares Plus Warrants, ~$215.7M Net
RAPP is trading near its 52-week low of $22.061 (2.2% above the low) on elevated volume (4.5× avg).
Summary
Rapport's final prospectus confirms the priced equity raise: 8,333,334 shares at $21.00 plus 1,190,476 pre-funded warrants and a 1,428,571-share private placement, netting about $215.7 million to fund RAP-219 Phase 3 work through 2029.
Key Events · Financing and Capital Events · RAPP
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Equity Offering Priced at $21.00
8,333,334 shares of common stock at $21.00 plus 1,190,476 pre-funded warrants at $20.999, for $199,998,820 gross before the over-allotment.
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Private Placement Adds ~$30M
A concurrent private placement of 1,428,571 shares at $21.00 brings gross proceeds from the offering and placement to approximately $230 million, with a 6% placement agent fee.
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Net Proceeds and Dilution
Net proceeds of approximately $215.7 million ($243.9 million with full over-allotment) against as-adjusted net tangible book value of $11.06 per share, a $9.94 per-share dilution to new buyers; shares outstanding rise from 47,955,079 to 57,716,984.
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Cash Runway Extended to End-2029
Preliminary cash of approximately $395.0 million at September 30, 2026, plus offering proceeds, is expected to fund operations through the end of 2029, past Phase 3 focal onset seizure topline data.
Analysis · RAPP · Life Sciences
The headline price was already public when Rapport launched this raise Tuesday night and priced it Wednesday, but this final prospectus locks in the exact terms. The company sells 8,333,334 shares at $21.00 plus 1,190,476 pre-funded warrants at $20.999, while a concurrent private placement adds 1,428,571 shares at the same $21.00, for roughly $215.7 million net (about $243.9 million if the 1,428,571-share over-allotment is exercised). That cash, alongside a separate $150 million convertible notes offering, funds RAP-219 Phase 3 trials and extends the runway through the end of 2029. Dilution is the cost: new buyers pay $21.00 against an as-adjusted net tangible book value of $11.06 per share, a $9.94 per-share gap, and the share count rises from 47,955,079 to 57,716,984. At $21.00, the deal was struck below the $27.54 last reported sale on October 27 and well under today's $22.55, a discount to where the stock traded before launch.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 38.6% of the 919 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.45%. 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 $22.55 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $22.06 to $52.93. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.