By Sarina Isaacs
Shares of Inotiv lost ground after the company priced a public offering of 6 million shares.
The stock was recently down 14.8% to $4.73 in premarket trading. As of Tuesday's close, it had gained about 60% over the past year.
The pharmaceutical company on Wednesday said it is offering 6 million common shares priced at $4.25 apiece, for a total of $25.5 million. Inotiv has also granted the underwriter a 30-day option to buy up to another 900,000 shares
The West Lafayette, Ind., company said net proceeds will go toward working capital, capital expenditures and other general corporate purposes.
The offering is expected to close Dec. 19.
Write to Sarina Isaacs at sarina.isaacs@wsj.com
(END) Dow Jones Newswires
December 18, 2024 09:24 ET (14:24 GMT)
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