Belite Bio tumbles on deep-discounted stock offering

Belite Bio

31/05/2023 10:36

** Shares of drug developer Belite Bio Inc  BLTE.O  down 38%
at $14.8 premarket
    ** Co prices its underwritten public offering per American
depository share (ADS) and accompanying warrant at $15
    ** Offering represents a 37.3% discount over last close at
$23.92
    ** Co plans to offer 2 mln ADSs and warrants to purchase 2
mln ordinary shares
    ** Gross proceeds expected at $30 mln
    ** Co intends to use proceeds in clinical development of eye
drug Tinlarebant and other pipeline products
    ** BLTE has 25 mln shares outstanding and 7.6 mln shares of
public float, per Refinitiv
    ** Stock down 20.6% YTD as of last close

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))