Why Dynavax Technologies Stock Is Sinking Again Today
Shares of Dynavax Technologies (NASDAQ: DVAX) were trading 5.4% lower as of 11:22 a.m. EDT on Tuesday. The decline came after the company announced the pricing of a $200 million offering of senior convertible notes. Dynavax stock also nosedived on Monday following the company's announcement of plans for the debt offering.
Dynavax stated that the conversion price of the notes will be the equivalent of around $10.47 per share. This represents a 32.5% premium over the closing price of the biotech stock on Monday.
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Source Fool.com
