The company announced the pricing of its public offering of its common stock for gross proceeds totaling US$25 million at US$7.50 per share.
Aravive (NASDAQ:ARAV) has announced the pricing of its previously announced public offering of 3.3 million shares of its common stock at US$7.50 each for gross proceeds of US$25 million.
As quoted in the press release:
Aravive expects to receive gross proceeds of approximately $25 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Aravive.
In connection with this offering, Aravive has granted the underwriters a 30-day option to purchase up to 500,000 additional shares of common stock at the public offering price. All of the shares are being offered by Aravive. The offering is expected to close on or about December 2, 2019, subject to the satisfaction of customary closing conditions.
Aravive currently intends to use the net proceeds from this offering primarily for research, development and manufacturing of product candidates, and for other general corporate purposes including, to acquire, license or invest in complementary businesses, technologies, product candidates or other intellectual property.
Piper Jaffray and Cantor Fitzgerald & Co. are acting as joint book runners for the offering.