-- Aura Biosciences (AURA) said Monday it priced an underwritten public offering of nearly 39.6 million common shares and pre-funded warrants to buy an aggregate of up to 3.8 million common shares at an exercise price of $0.00001 per warrant, for expected gross proceeds of $260.3 million.
The company said it granted the underwriters a 30-day option to buy up to an additional 6.5 million common shares. The offering price is $6.00 per share and $5.99999 per pre-funded warrant.
The offering is expected to close on or about Tuesday.
Aura said it plans to use $205.1 million of the net proceeds, together with existing cash, cash equivalents and marketable securities, to advance its clinical programs. The remaining proceeds are expected to be used to repurchase up to 6.92 million shares from Matrix Capital Management Master Fund, at $5.64 per share.
Shares of Aura Biosciences were up nearly 17% in Monday trading.
Price: $8.19, Change: $+1.18, Percent Change: +16.83%