Why Curis (CRIS) Shares Are Nosediving Thursday

Curis, Inc. CRIS shares are trading lower by 8.29% to $0.75 Thursday morning after the company announced a $15.1 million registered direct offering.

What Else?

Curis says the company has entered into definitive agreements with existing investors to purchase 18.4 million shares of its common stock at 82 cents per share in a registered direct offering. The offering is expected to generate gross proceeds of approximately $15.1 million.

The net proceeds will be used for research, development, working capital, and general corporate purposes. The offering is set to close around July 10, subject to customary closing conditions.

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Placement agents for the offering are Cantor Fitzgerald & Co. and Truist Securities.

According to data from Benzinga Pro, CRIS has a 52-week high of $1.77 and a 52-week low of $0.47.