CASI Pharmaceuticals: Falls on discounted stock deal

CASI Pharmaceuticals

24/03/2021 13:02

** Shares of drugmaker  CASI.O  fall 12.7% to $1.99
pre-market 
    ** Co says public offering of 15.9 mln common shares priced
at $2.05/shr, a discount of ~10% to stock's last close
 urn:newsml:reuters.com:*:nPn37G11Ra
    ** Co expects gross proceeds to be $32.5 mln
    ** Offering to close around March 26 
    ** CASI plans to use net proceeds for working capital and
general corporate purposes, including advancing its product
portfolio
    ** Stock down ~23% YTD, as of last close

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 6132;))