Verve Therapeutics Inc (NASDAQ:VERV) shares are trading lower by 6.3% to $11.18 Wednesday morning after the company priced its proposed public offering of common stock and concurrent private placement.
What Investors Should Know
Verve is conducting a two-part fundraising effort. They’re planning a public offering and a simultaneous private sale of shares to Eli Lilly and Company. In this private placement, Eli Lilly will purchase approximately 2.3 million shares at the same price offered in the public market, resulting in gross proceeds of around $23 million.
Alongside this, the public offering is expected to generate approximately $148 million before deducting fees and expenses. Both the public offering and private sale are slated to close on December 1, pending the fulfillment of standard closing conditions.
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According to data from Benzinga Pro, VERV has a 52-week high of $24.69 and a 52-week low of $8.22.
