PolyPid proposes stock offering, shares fall after hours
PolyPid (NASDAQ:PYPD) said Tuesday it commenced an underwritten public offering of its ordinary shares.
In addition, PolyPid intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the number of ordinary shares.
All of the ordinary shares in the offering are being offered by PolyPid.
Other details regarding offer price and number of shares being offered were not disclosed.
PolyPid intends to use the net proceeds from the offering to fund ongoing clinical activities and development of D-PLEX100, working capital and other general corporate purposes.
Newbridge Securities Corporation is acting as the sole book-running manager of the offering.
Shares -9.5% at $0.43 after hours.