Seeking Alpha

Ovid Therapeutics down 27% on pricing common and preferred stock offering

|About: Ovid Therapeutics Inc. (OVID)|By:, SA News Editor

Ovid Therapeutics (NASDAQ:OVID) prices two separate public offerings of 9M common shares at $2.50/share and 4,000 non-voting Series A Convertible Preferred Stock at $2,500/share (each share of Series A preferred stock is convertible into 1,000 shares of common stock).

Underwriters are granted a 30-day option to purchase additional up to 15% of common shares.

Closing date is October 8, 2019.

The Company expects to receive combined gross proceeds of $32.5M. Net proceeds will be used primarily to advance the clinical development of its OV101 and OV935 programs and for working capital and general corporate purposes.

Shares are down 27% premarket.

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