October 18, 2023 11:38pm
RARE closed down -$5.10 to $31.73 with a +$0.18 or +0.57% to $35.00 aftermarket indication
Aggregate (gross) proceed from offering is expected at $300 M and they need the cash especially with the dept load.
J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities and TD Cowen are acting as joint book-running managers for the offering.
RARE is expected to grant the underwriters of the offering pre-funded (?) warrants of 1,666,722 an option for a period of 30 days.
In addition, RARE has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 1,500,000 shares of Its common stock at the public offering price, less the underwriting discount.
The offering is a go ... but a big discount from $37.02 on 10/16.
RARE Stats pre offering:
52-week low of $32.01 and a high of $54.98
50-day moving average
Average volume (10 day) – 1.13 M shares
Outstanding shares: 71,49 M
Float: 62.64 M
Held by Insiders: 4.66%
Held by Institutions: 98.58
Shares of percentage (%) float: 5.75% <9/29>
Cash: 7.72 M
Total Debt: 25.73 M
Operating Cash Flow (ttm): -458.72 M
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