Why POINT Biopharma Shares Are Getting Hammered

POINT Biopharma Global Inc PNT shares are trading lower by 11.41% to $9.01 Wednesday morning after the company priced a public offering of 13.9 million shares of common stock at $9 per share.

What Else?

All of the shares to be sold in the offering are to be sold by POINT. The offering is expected to close on or about September 16th, subject to customary closing conditions.

POINT intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and investments, to fund clinical and preclinical research and development programs, pre-commercialization activities, and for working capital and other general corporate purposes.

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According to data from Benzinga Pro, POINT Biopharma has a 52-week high of $11.28 and a 52-week low of $4.25.