Rapport Therapeutics Inc. (NASDAQ: RAPP) shares fell 20.04% to $22.02 in after-hours trading Tuesday.
Rapport Therapeutics is a clinical-stage biotechnology company developing small-molecule precision medicines for neurological and psychiatric disorders.
Proposed Stock And Convertible Notes Offerings
Rapport Therapeutics announced Tuesday that it began a proposed $200 million public offering of common stock and a separate offering of convertible senior notes totaling $150 million in aggregate principal, due 2032.
The company also intends to grant underwriters a 30-day option to purchase up to an additional $30 million in common stock and up to $22.5 million in convertible notes to cover potential over-allotments.
Rapport said it intends to use the net proceeds to fund ongoing and planned clinical trials for RAP-219, research and development, working capital and general corporate purposes. The company may also use some proceeds for potential acquisitions, investments or licensing opportunities.
The proposed offerings are subject to market and other conditions, and there is no assurance they will be completed or on what terms.
Trading Metrics, Technical Analysis
Rapport Therapeutics has a market capitalization of approximately $1.32 billion.
Over the past year, Rapport Therapeutics shares have fallen 4.90%.
The stock has traded between a 52-week high of $52.83 and a low of $23.75.
Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames.
Price Action: In the regular session, Rapport Therapeutics shares rose 8.72% to close at $27.54 on Tuesday.
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