Recro Pharma Prices Public Stock Offering; Shares Tumble
09:34 AM EDT, 05/12/2021 (MT Newswires) -- Recro Pharma (REPH) has priced a public offering of just over 13.3 million common shares at $2.25 each for gross proceeds of approximately $30 million.
The pharmaceutical company has granted the underwriters a 30-day option to purchase up to just under 2 million additional shares at the offering price. The offering is expected to close May 14.
Recro said it plans to use the net proceeds for general corporate purposes, which may include repayment of a portion of debt and future acquisitions.
Shares of Recro were down more than 12% in early Wednesday trading.
Price: 2.25, Change: -0.35, Percent Change: -13.46