Spruce Biosciences Inc. (SPRB) announced that it has priced a public offering expected to raise $60 million in gross proceeds to advance its neurological disorder therapies.
The late-stage biopharma will sell 1.15 million common shares at $50.00 each.
Certain investors will instead receive pre-funded warrants to buy 50,000 shares at $49.99, reflecting the offer price minus $0.01 exercise price.
The offering is set to close on April 22.
Underwriters have a 30-day option to purchase up to 180,000 additional shares.
On the Nasdaq, shares of Spruce Biosciences were losing 12.15 percent in overnight trading at $61.40, after closing Monday's regular trading 0.58 percent lower at $69.90
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