Why Codiak BioSciences Shares Are Falling During Tuesday's Session

Codiak BioSciences Inc CDAK shares are trading lower by 29.4% to $1.18 Tuesday after the company proposed a public offering of common stock and warrants. The offering was for 13,333,333 shares of common stock, at a combined public offering price of $1.50 per share, together with accompanying warrants, for gross proceeds of approximately $20 million.

What Else?

Codiak intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock and warrants to purchase shares of common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions.

All the securities to be sold in the proposed offering will be sold by Codiak. The offering is subject to market and other conditions, and Codiak BioSciences says there can be no assurances as to whether or when the offering may be completed.

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According to data from Benzinga Pro, Codiak BioSciences has a 52-week high of $19.99 and a 52-week low of $1.14.