Catalyst Pharma Prices 10 Mln Share Offering At $15/shr; Shares Tank In Pre-market

(RTTNews) - Stock of Catalyst Pharmaceuticals, Inc. (CPRX) plunged in pre-market on Friday after announcement of pricing 10 million shares at $15 per share, to raise $150 million.

The company said that it intends to use the proceeds for financing potential acquisitions and other general purposes.

The offering is expected to close on or about January 9.

Further, the company has offered a 30-day option to underwriters to additionally purchase up to 1.5 million shares.

In the pre-market activity, shares of Catalyst tumbled 14.38 percent, to $14.65 from the previous close of $17.11 on a volume of 700,730. It has traded between $11.09 and $22.11 during the past 52-week period on the Nasdaq.

BofA Securities, Citigroup, Piper Sandler & Co., Cantor, and Truist Securities act as joint book-runners for this offering.