Fortress Biotech Prices Brokered Public Sale of Preferred Stocks at $18 Per Share
07:59 AM EDT, 08/27/2020 (MT Newswires) -- Fortress Biotech (FBIO) said late Wednesday it has priced a brokered public offering of 666,666 shares of its 9.375% series A cumulative redeemable perpetual preferred stock at $18 per share, for gross proceeds of $12 million.
Underwriters were granted a 45-day over-allotment option to buy up to an additional 66,666 shares.
The biopharmaceutical firm plans to use the proceeds for general corporate purposes, which may include research and development expenditures, it said.
FBIO shares fell 1.2% in pre-market trading on Thursday.