Dendreon stock plunges after $45M share offering
Seattle, USA-based Dendreon Corp says it has entered into definitive agreements with selected institutional investors to sell 9,890,110 shares of its common stock through a registered direct offering for gross proceeds of $45.0 million, before deducting fees and expenses. Credit Suisse Securities and Lazard Capital Markets acted as joint lead placement agents.
The announcement sent Dendreon's share price down 12.9% to $4.68 in November 16 morning trading on the Nasdaq. Closing of the offer is expected to take place on November 21.
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