Elevation Oncology Inc (NASDAQ:ELEV) shares are trading lower by 39.54% to $1.70 Friday morning after the company announced a $50 million public offering.
Elevation Oncology plans to allocate the net proceeds from the offering primarily towards the clinical development of its lead product candidate EO-3021. The remaining funds will be utilized for general corporate purposes.
See Also: Robinhood To Cease Support Of ADA, MATIC, SOL Amid Regulatory Pressure
The offering is expected to close on or about June 13, subject to the satisfaction of customary closing conditions.
According to data from Benzinga Pro, ELEV has a 52-week high of $5.89 and a 52-week low of $0.72.
