Soleno Therapeutics Inc. (SLNO) said that it has priced underwritten public offering of 3 million shares of its common stock at $46.00 per share.
SLNO closed Thursday's regular trading at $49.23 up $1.69 or 3.55%. But in the after-hours trading the stock dropped $3.23 or 6.56%.
The company expects the gross proceeds from the public offering to be about $138.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
Soleno has also granted the underwriters a 30-day option to purchase up to 450,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
The public offering is expected to close on or about May 7, 2024.
Soleno noted that it plans to use the net proceeds from the offering to fund its current research and development efforts primarily focused on advancing its lead candidate, DCCR tablets for the treatment of Prader-Willi Syndrome, and to provide for general corporate purposes.
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