Esperion Therapeutics Inc. (ESPR) said that it priced its underwritten public offering of 56.70 million shares of its common stock at a public offering price of $1.50 per share, before underwriting discounts and commissions.
ESPR closed Thursday's regular trading at $2.15 down $0.42 or 16.34%. In the after-hours trading the stock further dropped $0.35 or 16.28%.
In addition, Esperion granted the underwriters a 30-day option to purchase up to an additional 8.51 million shares of its common stock at the public offering price, less underwriting discounts and commissions.
The company expects gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately $85.1 million, excluding any exercise of the underwriters' option to purchase additional shares.
The offering is expected to close on January 23, 2024, subject to customary closing conditions.
Esperion plans to use the net proceeds from the offering of common stock, together with its existing cash and cash equivalents, to fund the ongoing commercialization efforts for NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe), research and clinical development of current or additional pipeline candidates, working capital, capital expenditures, and general corporate purposes.
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