Why Kezar Life Sciences Is Down Today
Shares of Kezar Life Sciences (NASDAQ: KZR) are down by 11.7% as of 3:12 p.m. EDT on Tuesday, following the company's announcement of the pricing of a public offering of common stock. Kezar Life Sciences made this announcement after the market closed on Monday.
Kezar Life Sciences -- whose stock price was above $6.20 at the close of market on Monday -- has priced its public offering of 7,590,909 common shares at $5.50 per share. Further, the company is issuing 909,091 shares of its common stock to holders of pre-funded warrants at $5.499 per underlying share; pre-funded warrants provide their holders with the right to purchase shares of a company at a later date. Kezar Life Sciences is hoping to raise approximately $46.7 million from this public offering, which will close on Jun. 11.
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Source Fool.com
