Stock of Zenas BioPharma, Inc. (ZBIO) is moving down about 20 percent on Friday morning trading after the company announced the pricing of concurrent public offerings of $200 million in convertible senior notes due 2032 and $100 million in common stock, for total gross proceeds of $300 million.
The company's stock is currently trading at $17.52, down 20.98 percent or $4.65, over the previous close of $22.15 on the Nasdaq. It has traded between $6.11 and $44.60 in the past one year.
The convertible notes will carry a 2.50% interest rate, payable semi-annually, and mature on April 1, 2032. They are convertible into Zenas common stock at approximately $26.50 per share, representing a 32.5% premium to the equity offering price of $20.00.
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