This public offering includes $60 million worth of shares of BTAI stock. The company also intends to offer underwriters of the deal a 30-day option to acquire another $9 million of its shares. Underwriters include BofA Securities and Truist Securities.
BioXcel says that it will use the funds from this offering for “ongoing and planned clinical trials,” commercialization and general corporate purposes. The company hasn’t yet priced the shares in the offering.
How This Affects BTAI Stock Today
A public offering increases the total number of shares available on the market. Doing this dilutes the stakes of current investors. Shares are also typically priced at a discount in offerings. Both of these factors are likely weighing on BTAI stock this morning.
Adding to that is heavy trading of BTAI shares on Friday. That has more than 2.5 million shares changing hands as of this writing. This is already more than double BioXcel Therapeutics’ daily average trading volume of about 1 million shares.
BTAI stock is down 26.4% as of Friday morning but was up 28% year-to-date () when markets closed on Thursday.
Investors looking for all of the latest stock market stories are in the right place!
InvestorPlace is home to all of the biggest stock market news worth reading about on Friday! That includes what’s going on with shares of Synlogic (NASDAQ:SYBX) stock, Intelligent Living Application (NASDAQ:ILAG) stock and Next eGo (NASDAQ:EGOX) stock today. You can read up on all of these matters at the links below!
More Stock Market News for Friday
- Why Is Synlogic (SYBX) Stock Down 55% Today?
- Why Is Intelligent Living Application (ILAG) Stock Up 78% Today?
- Why Is Next eGo (EGOX) Stock Up 116% Today?
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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.