Nurix Therapeutics Inc. (NRIX) has publically announced the start of an underwritten public offering. It stands at $125 million of its shares, promising pre-funded warrants to purchase more shares of its common stock in place of their common stock for some investors.
On closing the regular trade on Thursday, NRIX saw an increase of $1.52, taking its total to $17.21, marking a rise of 9.69%. However, in the subsequent after-hours trading, the stock saw a dip of $1.09 or 6.33%.
Furthermore, Nurix plans to offer the underwriters an optional 30-day window to purchase additional shares of its common stock. This will be at the public offering price, but with subtraction of underwriting discounts and commissions. Nurix will exclusively offer and sell all securities.
The company also indicated its intent to use the net proceeds from this offering primarily for funding the clinical development of its potential drugs. Additionally, the proceeds will go towards finance research and development activities in order to expand its range of offerings and toward building working capital along with general corporate purposes.
