Viridian Therapeutics stock gains on securities offering

Aug. 15, 2022 4:18 PM ETViridian Therapeutics, Inc. (VRDN)By: Preeti Singh, SA News Editor3 Comments
  • Viridian Therapeutics (NASDAQ:VRDN) shares gained ~2% in Monday's extended session after the biotech firm launched underwritten public offering of $175M of shares of its common stock and series B preferred stock.
  • Viridian (VRDN) intends to grant the underwriters a 30-day option to purchase up to an additional $26.25M of shares of its common stock.
  • Each share of series B preferred stock will be convertible into 66.67 shares of common stock at the election of the holder, subject to beneficial ownership conversion limits applicable to the series B preferred stock.
  • Proceeds from the offering will be used to support Viridian's clinical development programs, as well as for working capital and general corporate purposes.

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