Rallybio slides after stock offering size slashed

Rallybio

11/11/2022 13:20

** Rallybio Corp's  RLYB.O  shares down 11.2% at $5.95
premarket after planned equity raise cut by a third
    ** Clinical-stage biotech sold ~8.3 mln shares, including
~3.3 mln pre-funded warrants, at $6 for ~$50 mln raise
 urn:newsml:reuters.com:*:nBw94WhnSa
    ** RLYB shares slid 16.6% to $6.70 on Thurs after co
launched $75 mln offering
    ** JP Morgan, Cowen and Evercore jt bookrunners for offering
    ** Co has ~32 mln shares outstanding for ~$215 mln market
cap, per Refinitiv data
    ** Rallybio went public in Jul 2021 after 6.2 mln share IPO
priced at $13
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))