Why Is Aptose Biosciences (APTO) Stock Down Today?


  • Aptose Biosciences (APTO) stock is slipping alongside a public offering.
  • That includes $8.4 million worth of the company’s stock.
  • The company also announced a $4 million private placement.
APTO Stock - Why Is Aptose Biosciences (APTO) Stock Down Today?

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Aptose Biosciences (NASDAQ:APTO) stock is on the move Friday after announcing details for a public offering of the clinical-stage biotechnology company’s shares.

Aptose Biosciences is selling 4.91 million shares of its common stock at a price of $1.71 per share. That has it expecting gross proceeds of $8.4 million from the stock offering.

To go along with this, each share of APTO stock sold in the offering comes with one warrant. These warrants are for the purchase of another share of the company’s stock. The exercise price of them matches the sale price of the shares.

In addition to this, the underwriters of the offering have a 30-day option to acquire another 736,842 shares and warrants of APTO stock. Newbridge Securities is the sole book-running manager of the offering.

APTO Stock Private Placement

Aptose Biosciences also announced a private placement alongside its public offering. The company is selling $4 million worth of its common stock to Hanmi Pharmaceutical. That will give it a 19.97% stake in the company.

Hanmi Pharmaceutical is also paying more for those shares than the price in the public offering. It will purchase each share of APTO stock for $1.90 each. This is helping soften the blow of the discounted price in the public stock offering.

APTO stock is down 1.6% as of Friday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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