Absci (ABSI) said late Thursday it has priced an underwritten public offering of about 16.7 million common shares at $3 per share for expected gross proceeds of about $50 million.

The underwriters have been granted a 30-day option to purchase up to about 2.5 million additional shares.

Net proceeds will be used to fund development activities, working capital and general corporate purposes, the company said.

Closing of the offering is expected to occur on or about July 25, subject to customary closing conditions.

Shares of the company fell almost 14% in recent premarket activity Friday.

Price: 3.02, Change: -0.49, Percent Change: -13.96