Vaxart falls 28% on $15M stock offering

Vaxart (NASDAQ:VXRT) launched an underwritten public stock offering, sending its shares 27.6% lower in early trade.
The company later priced the offering of 16M shares for gross proceeds of ~$15M.
The underwriter will be given a 30-day option to buy up to 2.4M shares sold in the offering.
Vaxart currently intends to use the net proceeds of the proposed offering to support the clinical and preclinical development of its product candidates, conduct clinical trials, manufacture product candidates, and for general corporate and working capital purposes.
The offering is expected to close on or about June 9.