Humacyte (HUMA) said late Tuesday it priced an underwritten public offering of 25 million shares at $2 per share for expected gross proceeds of $50 million.

The company said the proceeds from the offering, expected to close on Thursday, will support the commercialization of Symvess for vascular trauma, further product development, and general corporate needs.

Humacyte granted the underwriters a 30-day option to purchase an additional about 3.8 million shares.

The company's shares were down more than 23% in premarket activity Wednesday.