Humacyte, Inc. (HUMA) shares plunged 23.05 percent, losing $0.31 to $1.03 on Thursday, likely extending losses following the company's announcement yesterday, of a public offering of 47.62 million shares of common stock priced at $1.05 per share.
The stock is currently trading at $1.03, compared with its previous close of $1.34. During the session, it opened at $1.04 and traded between $1.00 and $1.10. Trading volume reached 14.08 million shares, well above its average volume of 7.52 million shares.
The commercial-stage biotechnology company expects to raise approximately $50 million in gross proceeds before expenses. Humacyte also granted underwriters a 30-day option to purchase up to an additional 7.14 million shares. Public stock offerings often pressure share prices because they increase the number of outstanding shares and can dilute existing shareholders.
Humacyte shares have traded between $0.5470 and $2.8400 over the past 52 weeks.
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