Why Treace Medical Concepts Stock Is Trading Lower

Treace Medical Concepts Inc TMCI shares are trading lower by 8.48% to $21.05 Wednesday morning after the company announced a proposed $100 million common stock offering.

What Happened?

Treace Medical Concepts said the proposed offering was subject to market and other conditions, and there could be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.

Treace Medical Concepts said the company intended to grant the underwriters a 30-day option to purchase up to an additional $15.0 million of shares of its common stock.

See Also: Why Sonnet BioTherapeutics (SONN) Shares Are Falling

Treace meanwhile intended to use the net proceeds from the proposed offering for general corporate purposes, including research and development, sales and marketing activities, general and administrative matters and capital expenditures.

According to data from Benzinga Pro, TMCI has a 52-week high of $26.50 and a 52-week low of $12.48.