Alector Inc (NASDAQ:ALEC) shares are trading lower by 14.9% to $6.50 during Wednesday’s session after the company announced the pricing of a $75 million public offering of 10,869,566 shares of common stock.
What Else?
The offering is expected to generate $75 million in total gross proceeds, excluding underwriting discounts, commissions and estimated offering expenses. The closing of the offering is expected on January 19, contingent upon meeting customary closing conditions.
Alector has also granted the underwriter a 30-day option to acquire up to an additional 1,630,434 shares at the public offering price. Cantor Fitzgerald & Co. is the sole book-running manager for the offering.
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According to data from Benzinga Pro, ALEC has a 52-week high of $9.86 and a 52-week low of $3.66.
