CytomX Prices $250 Mln Public Offering Of Shares And Warrants

CytomX priced a public offering of 45.99 million shares at $5.30 per share and pre-funded warrants to purchase 1.18 million shares. The gross proceeds from the share component are roughly $243.7 million before underwriting discounts and fees. This is a dilutive follow-on equity raise that should bolster liquidity/capital but may exert downward pressure on the stock in the near term.

Analysis

CytomX priced a public offering of 45.99 million shares at $5.30 per share and pre-funded warrants to purchase 1.18 million shares. The gross proceeds from the share component are roughly $243.7 million before underwriting discounts and fees. This is a dilutive follow-on equity raise that should bolster liquidity/capital but may exert downward pressure on the stock in the near term.