ProKidney Corp. (PROK) announced the pricing of an underwritten public offering and a concurrent registered direct offering of about 53.72 million shares of its Class A ordinary shares at a price of $2.42 per share, before applicable underwriting discounts and commissions.
In addition, the underwriters will have a 30-day option to purchase up to an additional 15% of the Class A ordinary shares sold in the underwritten public offering.
The public offering and the concurrent registered direct offering are each expected to close on or about June 13, 2024.
ProKidney intends to use the net proceeds from the underwritten public offering and the concurrent registered direct offering for clinical trial costs and other research and development expenses, continued investment in its drug development platform, for its pre-commercial and commercial activities, including its commercial manufacturing facility, and for other general corporate purposes, including for working capital, capital expenditures and general and administrative expenses.
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