Benitec Biopharma drops on upsized stock deal
28/04/2021 11:15
** Benitec Biopharma Inc BNTC.O shares down >20% and among
biggest losers premarket as co raises equity
** Co late Tues says sold ~3 mln shares at $4.25 for ~$12.9
mln gross raise urn:newsml:reuters.com:*:nPn9yKy7Ta
** Deal size boosted from original $7.5 mln, prices at ~22%
discount to stock's last sale
** Offering doubles co's free float, per Refinitiv data
** Co plans to use net offering proceeds to advance product
pipeline, and for general corp purposes, and strategic growth
opportunities
** H.C. Wainwright sole bookrunner
** On Mar 23, BNTC roughly tripled to close at $9.26 after
Morgan Stanley revealed 5% stake urn:newsml:reuters.com:*:nL4N2LL3LV
** YTD, shares up ~83%
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))