Prelude Therapeutics launches proposed public offering of up to $100M

Prelude Therapeutics (NASDAQ:PRLD) on Wednesday said it was launching a public offering of common stock and pre-funded warrants of up to $100M.
PRLD stock slipped 4.8% to $6 after hours.
All of the shares of common stock and pre-funded warrants will be offered by PRLD.
"Prelude intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to advance its current clinical pipeline, including PRT2527, PRT1419, PRT3645 and PRT3789," the company said in a statement.
It also plans to use the proceeds to advance its research and discovery efforts including its efforts for a new SMARCA2 oral molecule, and support organizational growth and for working capital and other general corporate purposes.