Veru, Inc. [NASDAQ: VERU] has declared the pricing of an underwritten public offering of 6,451,613 shares of its common stock. The firm has set the price of $15.50 per share. Veru Inc. has also provided the 30-day grant to buy up to a supplementary 967,741 portions of common stock at the public offering price, subtracting the underwriting markdown and commissions.
VERU disclosed that the firm will secure a profit of nearly $100 million before subtracting the underwriting markdown and commissions and other projected expenditures. After the fulfillment of necessary provisions, the offering will be finalized on or about February 22, 2021.
Shares of Veru Inc. [NASDAQ: VERU] tumbled 13.17% at $17.21 during the trading session of Wednesday. The firm has logged the trading volume of 4.03 million in contrast to the average volume of 9.43 million. The share of VERU has undergone the shift of $2.30 and $24.57 from its 52-weeks low and high range, respectively. Veru Inc. has total market capitalization of $1.12 billion at the time of writing.
The sole book running manager of the firm is Jefferies. Lead managers for the offering are Oppenheimer & Co and Cantor. Moreover, co-managers for the offering are Co. and Brookline Capital Markets & H.C. Wainwright.
Veru Inc is intending to utilize the profit for the negotiations and marketing payments, investigation and expansion, marketing costs, and for the other objectives of the business. The offering is being performed by Veru in accordance with the provisions of a shelf registration declaration on the Form S-3 earlier submitted with the SEC on June 26, 2020, and proclaimed valid by the SEC on July 1, 2020