DJ CTI BioPharma Shares Drop 13% After Public Offering Prices

By Chris Wack

CTI BioPharma Corp. shares were down 13% to $2.54 after the company priced its previously announced underwritten public offering of 14.3 million common shares and 600 shares of its series X1 preferred stock.

The company has granted the underwriters a 30-day option to purchase up to an additional 2.1 million shares.

The offering price to the public of a share of common stock is $2.50 and the offering price of series X1 stock is $25,000. Each share of series X1 stock will be convertible into 10,000 shares of common stock at the election of the holder.

All of the securities in the offering are being sold by CTI, which should see proceeds of $50.7 million from the offering.

The offering is expected to close on or about April 6.

CTI said it intends to use the proceeds from the proposed sale for commercialization activities for pacritinib, general working capital and corporate purposes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 01, 2021 10:54 ET (14:54 GMT)

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