Why CureVac Shares Are Nosediving Today

CureVac BV CVAC shares are trading lower by 13.99% to $9.10 during Tuesday's session after the company announced a proposed public offering of common stock.

What Happened?

CureVac early Tuesday announced that it intends to offer $200 million of its common shares in an underwritten public offering. In addition, CureVac intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of common shares to be sold in the offering on the same terms and conditions.

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CureVac added that the offering is subject to market and other conditions, and there can be no assurances as to whether or when the offering may be completed or as to the actual size or terms of the offering.

According to data from Benzinga Pro, CVAC has a 52-week high of $20.49 and a 52-week low of $5.63.