Rocket Pharmaceuticals falls after upsized $165 mln stock offering

Rocket Pharmaceuticals

11/12/2024 13:15

** Shares of gene therapy developer Rocket Pharmaceuticals
 RCKT.O  fall 3.9% to $12.98 premarket
    ** RCKT sold 13.2 mln shares in an upsized public offering
at $12.50/shr for gross proceeds of $165 mln
    ** Offering size was boosted from the $150 mln worth of
shares announced on Tuesday, priced at a 7.5% discount to
stock's last close of $13.51
    ** Additionally, on Tuesday, life sciences investment firm
RTW had agreed to purchase pre-funded warrants representing the
right to purchase $5 mln worth of RCKT shares in a concurrent
private placement
    ** Morgan Stanley, Leerink Partners and Cantor were the
joint book-running managers for the offering    
    ** RCKT had 91.2 mln outstanding shares as of Sept. 30,
according to an SEC filing, giving it a $1.23 bln market
capitalization as of most recent closing price
    ** As of last close, RCKT shares down 54.9% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))