Portage Biotech bottoms Nasdaq on discounted share offering

Alpha Compute

24/06/2021 19:17

** Shares of immuno-oncology research firm  PRTG.O  slump
25.9% to $25.78, bottoms the Nasdaq Composite index  .IXIC 
    ** Co prices its public offering of 1 mln shares at $23/shr,
implying a discount of ~33.9% to stock's last close  urn:newsml:reuters.com:*:nNFCcgkpvr
    ** PRTG intends to use the gross proceeds of $23 mln for its
PORT-2 and PORT-3 clinical programs, to prepare the next
products to enter the clinic, and for working capital and other
general corporate purposes
    ** PRTG also grants underwriters a 30-day option to purchase
up to an additional 150,000 shares; offering to close by June 28
    ** Cantor Fitzgerald & Co and Oppenheimer & Co Inc are
acting as book-running managers, while B.Riley Securities Inc is
the lead manager for the offering
    ** PRTG has ~12.08 mln shares outstanding for a market cap
of ~$420.50 mln - Refinitiv data
    ** Shares up 77.6% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))