Why Transcode Therapeutics (RNAZ) Stock Is Down Nearly 70%

Transcode Therapeutics Inc RNAZ shares are trading lower by 69% to $0.79 Tuesday morning after the company priced its $8 million public offering of 15.7 million shares at $0.51 per share.

Transcode Therapeutics says the closing of the offering is expected to occur on or about September 28, subject to the satisfaction of customary closing conditions.

The company says it intends to use the net proceeds from this offering, together with its existing funds, for one or more clinical trials with TTX-MC138, its lead therapeutic candidate, including related investigational new drug enabling studies and for working capital and other general corporate purposes.

According to data from Benzinga Pro, RNAZ has a 52-week high of $31.00 and a 52-week low of $0.50.