Novavax Stock Is Diving After Hours: What's Going On?

Novavax Inc NVAX shares are trading lower in Wednesday's after-hours session after the company announced a proposed public 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.

See Also: Why Bitcoin-Related Stock CleanSpark Is Moving After Hours

NVAX Price Action: Novavax has a 52-week high of $236.50 and a 52-week low of $15.53.

The stock was down 10.0% in after hours at $15.50 at the time of publication, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.