Shares of biotechnology company Inovio were trading lower in the after-hours market following news it priced an underwritten offering of stock and warrants.
After the bell Monday, the company’s stock was trading 23.6% lower at $8.39. The stock ended the day’s regular session at $10.99, losing less than 1%.
Inovio said it was pricing an underwritten offering of 2,536,258 shares of common stock at $7.693 per share, pre-funded warrants to purchase 2,135,477 shares of stock at $7.692 per pre-funded warrant.
The company has a market cap of $257.78 million, 23.37 million shares outstanding and a public float of 22.99 million shares.
Year to date, shares have risen by almost 80%.