Viridian slips on pricing $270M stock offering

Aug. 17, 2022 6:30 AM ETViridian Therapeutics, Inc. (VRDN)By: Preeti Singh, SA News Editor
  • Viridian Therapeutics (NASDAQ:VRDN) shares dropped 3% pre-market on Wednesday after the biotechnology company priced an upsized underwritten public offering of common stock and preferred stock.
  • The offering comprises ~9.63M shares of common stock, issued at $23.50/share, and 28,084 shares of series B preferred stock issued at $1,566.745/share, which are convertible into ~1.87M shares of common stock.
  • In addition, Viridian (VRDN) has granted the underwriters a 30-day option to purchase an additional 1,725,000 shares of common stock at the public offering price.
  • Gross proceeds are estimated to be $270M; net proceeds will be used to support the company's clinical development programs, as well as for working capital and general corporate purposes.

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