Elevation Oncology slumps 25% on $50M public offering pricing

Elevation Oncology slumps 25% on $50M public offering pricing

Innovative oncology company, Elevation Oncology (ELEV) stock drops 25% as it proposes a public offering of stock and warrants.

The company prices 17.81M shares and pre-funded warrants to purchase up to an aggregate of 4.44M shares; accompanying warrants to purchase one share or pre-funded warrant sold.

The combined offering price to the public of each share of stock and accompanying warrant is $2.2500 and that of each pre-funded warrant and accompanying warrant is $2.2499. The exercise price is $2.25 per share if warrants are exercisable immediately.

Total gross proceeds of $50M.

The offering is expected to close on June 13