Viridian Therapeutics, Inc. (NASDAQ: VRDN) declared the pricing of a public offering of shares of common stock and preferred stock. The firm is expecting to get a profit of nearly $85.0 million. Viridian is dumping a total of 6,185,454 shares of common stock at a public offering price of $11.00 per share.
It is also selling 23,126 shares of series B preferred stock at a public offering price of $733.37 per share, which are convertible into nearly 1,541,810 shares of common stock. In addition, Viridian has awarded the underwriters a 30-day option to buy an additional 1,159,089 shares of common stock at the public offering price subtracting underwriting discounts and commissions.
Furthermore, Viridian is also planning to utilize the profit from the underwritten public offering of its shares to promote the development of its VRDN-001 and VRDN-002 programs and the preclinical development of its VRDN-004 and VRDN-005 programs, as well as for working capital and general business purposes.
The firm has revealed that all of the shares to be dumped in the underwritten public offering are being presented by Viridian. The offering is anticipated to execute on or about September 23, 2021. The execution is dependent on customary closing conditions. A registration statement linking to these securities has been submitted with the SEC and became valid on April 14, 2020.