Aquestive Therapeutics (NASDAQ:AQST) priced an underwritten public offering of ~16.67M shares at $4.50 per share.
The gross proceeds are expected to be ~$75M.
Underwriters have a 30-day option to purchase up to an additional 2.5M shares.
The company intends to use the net proceeds received from the offering, together with existing cash and cash equivalents, primarily to advance the development and commercialization of its product pipeline, including Anaphylm (epinephrine) Sublingual Film for the treatment of severe life-threatening allergic reactions, including anaphylaxis, and Libervant (diazepam) Buccal Film for the treatment of seizure clusters in epilepsy patients aged two to five, and for working capital, capital expenditures and general corporate purposes.
The offering is expected to close on or about March 22, 2024.
The stock price dropped 12.6% on Wednesday during pre-market hours of trading.