$150M Stock Offering Priced at $13.00/Share by Trevi Therapeutics
TRVI has more than doubled off its 52-week low of $5.38.
Summary
Trevi Therapeutics has announced the pricing of its underwritten public offering, selling 11.6 million shares of common stock at $13.00 per share to raise $150 million in gross proceeds. This development finalizes the capital raise that was initially proposed and detailed in a 424B5 filing on April 16th, following a PRE 14A filing on April 10th to increase authorized shares. The pricing at a discount to the current market price of $13.49 is dilutive for existing shareholders. This significant capital infusion, representing a material portion of the company's market cap, is expected to fund ongoing operations and advance its clinical pipeline, particularly the Haduvio Phase 3 trials for chronic cough. Traders will monitor the stock's reaction to the confirmed dilution and the closing of the offering.
At the time of this announcement, TRVI was trading at $13.49 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $5.38 to $14.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.