Shares of Larimar Therapeutics (NASDAQ:LRMR) declined 9% on Wednesday after the clinical-stage biotech firm revealed the pricing details of a new underwritten public offering.
The company set the price for 18.75 million common shares at $3.20 each, reflecting a discount compared to Wednesday’s closing price of $3.53. The offering is projected to raise $60 million in gross proceeds before fees, underwriting discounts, commissions, and expenses are deducted.
Additionally, Larimar granted the underwriters a 30-day option to acquire up to 2.81 million more shares at the same public offering price, minus underwriting discounts and commissions.
This stock issuance, consisting solely of shares being sold by Larimar, is anticipated to close around July 31, 2025, pending customary closing conditions.
Larimar Therapeutics specializes in developing therapies for complex rare diseases. The stock’s decline reflects investor concerns over dilution resulting from the sizable share increase.
Larimar Therapeutics stock price
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