Why Are There So Many Sellers Of Novavax Stock Today?

Novavax Inc NVAX shares are trading lower Thursday morning after the company announced a proposed public offering and a convertible debt offering.

What Happened: Novavax proposed an underwritten public offering to sell up to $125 million of its common stock. The company also expects to grant the underwriters a 30-day option to purchase up to an additional $18.75 million at the public offering price.

Novavax also announced an offering of $125 million aggregate principal amount of convertible senior notes due 2027. The company will grant the underwriters the same 30-day option to purchase up to an additional $18.75 million aggregate principal amount of the notes.

Novavax may use the net proceeds for the continued global commercial launch of Nuvaxovid, as well as for other general corporate purposes.

Novavax is a biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases.

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NVAX Price Action: Novavax has a 52-week high of $236.50. It's making new 52-week lows on Thursday.

The stock was down 12.8% at $15.01 Thursday morning, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.