HilleVax Prices Public Offering Of 8 Mln Shares At $12.50/shr; Stock Down

(RTTNews) - HilleVax, Inc. (HLVX) announced the pricing of its public offering of 8 million shares of its common stock at an initial price to the public of $12.50 per share.

HLVX closed Tuesday regular trading at $14.43 down $0.25 or 1.70%. In the after-hours trading, the stock further dropped $1.33 or 9.22%.

The company expects gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be $100.0 million.

The offering is expected to close on September 22, 2023. In addition, HilleVax has granted the underwriters a 30-day option to purchase up to an additional 1.20 million shares of common stock at the initial price to the public, less underwriting discounts and commissions.

HilleVax plans to use the net proceeds from the offering to fund the clinical development of HIL-214, including certain manufacturing activities, and for working capital and general corporate purposes.