Benitec Biopharma Inc. (NASDAQ: BNTC) declared that it has decided to increase the earlier announced offering and buying of 3,036,366 shares of common stock of the firm at a price to the public of $4.25 per share, deducting underwriting markdowns and commissions. The firm has decided due to increasing demands which forced the firm to increase the size of the earlier declared offering.
Furthermore, Benitec has also provided the underwriter an opportunity to buy up to an extra 455,454 shares of common stock at the public offering price, subtracting underwriting markdowns and commissions. It has been disclosed that the deal will be executed on or about April 30, 2021, dependent on the fulfillment of customary closing conditions.
Benitec Biopharma Inc. (NASDAQ: BNTC) shares were plunged 1.97% as it lost -0.11 during the trading session of Tuesday. Benitec Biopharma Inc.'s share price went from a low point around $2.30 to briefly over $12.52 in the past 52 weeks, though shares have since pulled back to $5.48. BNTC's market cap has remained high, reaching $21.81 million at the time of writing.
Additionally, the firm is expecting to secure a profit of nearly 12.9 million before the deduction of underwriting markdowns and commissions and offering expenditures to be paid by the firm and except for the utilization of the underwriter's option to buy extra shares. The firm has decided to utilize the net profit for the continued development of activities for its product pipeline, general business purposes, and strategic growth opportunities.