Why Longboard Pharmaceuticals Stock Is Falling

Longboard Pharmaceuticals Inc LBPH shares are trading lower by 11.3% to $22.26 Wednesday afternoon after the company announced that it commenced a $150 million underwritten public offering and expects to grant the underwriters a 30-day option to purchase up to an additional $22.5 million of shares of voting common stock.

Cantor and Citigroup are the lead book-running managers, while Wedbush PacGrow and H.C. Wainwright & Co. are the lead managers for this offering.

The company says there can 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.

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According to data from Benzinga Pro, LBPH has a 52-week high of $26.50 and a 52-week low of $3.60.