Quotient falls 10% after co announces notes offering

Quotient

24/05/2021 17:19

** Quotient Limited  QTNT.O  shares down ~10% at $4 on Mon
after Switzerland-based diagnostics raises capital
    ** QTNT on track for biggest one-day pct drop since Mar 4
    ** Co says sold privately $95 mln of new 4.75% 5-yr
convertible notes to institutional investors, including funds
managed by Highbridge Capital Management  urn:newsml:reuters.com:*:nGNX1Y1Nll
    ** Co plans to use net offering proceeds for continued
development of its MosaiQ blood testing platform, to prepare for
its commercial launch and for other general corp purposes
    ** Cash and cash equivalents would be ~$166 mln on May 26,
after giving effect to notes sale and payment of related
expenses, co says
    ** With move on Mon, QTNT down 23% YTD for ~$400 mln market
cap, per Refinitiv data

 (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))