Why Prothena Shares Are Nosediving During Tuesday's After-Hours Session

Prothena Corporation PLC PRTA shares are trading lower by some 8.35% to $57.95 during Tuesday's after-hours session. The company announced that it has commenced an underwritten public offering of 3,000,000 of its ordinary shares.

What Else?

All of the ordinary shares in the offering will be sold by Prothena. In addition, the company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of ordinary shares sold.

Prothena says the offering is subject to market conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.

See Also: Why New Fortress Energy Shares Are Rising During Tuesday's Session

According to data from Benzinga Pro, Prothena has a 52-week high of $66.47 and a 52-week low of $21.06.