Shares of Ocugen sank in premarket trading Wednesday after the biotechnology company’s public offering was priced for gross proceeds of $16.5 million.
The stock was down 20% at 57 cents with less than an hour to go before the opening bell. Shares closed Tuesday at 72 cents, down 65% over the past 12 months.
Ocugen said Wednesday morning that the offering is expected to close Friday and would sell 30 million shares for gross proceeds of $16.5 million, implying a pricing of 55 cents a share. The company has granted underwriters a 30-day option to buy up to 4.5 million additional shares.
The stock is on track to open at a two-year low.