Rapport Therapeutics tumbles after starting stock, convertible offerings
RAPP•Rapport Therapeutics shares fell 20% post-market as the company launched public offerings of $200 million in stock and $150 million in convertible bonds due 2032. It also intends to sell stock to an investor in a concurrent private placement.
1. Capital raising
Rapport Therapeutics launched public offerings of $200 million in stock and $150 million in convertible bonds due 2032, and said it also intends to sell stock to an investor in a concurrent private placement. The company plans to use net proceeds to fund clinical trials advancing its bipolar mania treatment RAP-219, research and development, and other purposes.
2. Share performance
The company’s shares fell 20% to $22 post-market. Rapport said on Oct. 20 that RAP-219 met the main and secondary goals in a mid-stage trial.
