Cerevel Therapeutics Shares Drops After Launching Equity Offering Of 14M Shares

Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) Tuesday after-hours commenced an underwritten public offering of 14 million common shares.
Underwriters have an option to purchase up to an additional 2.1 million shares.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Jefferies LLC, and Stifel, Nicolaus & Company Incorporated are acting as joint book-running managers for the offering.
Loop Capital Markets, LLC and Siebert Williams Shank & Co., LLC are acting as co-managers.
Proceeds will be used to support the clinical development of CVL-231, CVL-354, and other early discovery initiatives.
The company's stock soared after CVL-231 in adult patients with schizophrenia demonstrated clinically meaningful antipsychotic activity with an overall well-tolerated profile compared with placebo.
See the offering prospectus here.
Price Action: CERE shares are down 8.99% at $27.02 during the premarket session on the last check Wednesday.