Benitec Biopharma: Hits record low on discounted stock deal

Benitec Biopharma

02/10/2020 16:43

** Shares of biotech firm  BNTC.O  fall ~38% to hit a record
low of $2.98 and are on pace for their worst day ever 
    ** BNTC is among biggest pct losers across U.S. stocks
    ** Company prices offering of 3.2 mln shares at $3.10
apiece, which implies a ~35% discount to stock's last close 
    ** Offer size represents ~400% of co's free float, according
to Refinitiv data 
    ** BNTC to use proceeds of about $10 mln for the advancement
of development activities for its product pipeline, among other
things  urn:newsml:reuters.com:*:nPn195nNMa
    ** H.C. Wainwright & Co is the sole bookrunning manager of
the offering
    ** Stock is down ~61% YTD

 (Reporting by Abhishek Manikandan in Bengaluru)
 ((Abhishek.Manikandan@thomsonreuters.com))