Hookipa Pharma (HOOK) Stock: Why Its Trending Today

By Amit Chowdhry ● Mar 2, 2022
  • The Hookipa Pharma Inc (NASDAQ: HOOK) stock is trending today. This is why.

The Hookipa Pharma Inc (NASDAQ: HOOK) – a company developing a new class of immunotherapeutics based on its proprietary arenavirus platform – stock is trending today. And the company stock price fell by over 14% pre-market today.

Investors are responding negatively to HOOKIPA Pharma announcing the pricing of an underwritten public offering of 21.7 million shares of its common stock and 15,800 shares of its non-voting Series A-1 convertible preferred stock. The public offering price of each share of common stock is $2.00 and the public offering price of each share of non-voting Series A-1 preferred stock is $2,000 (each share of non-voting Series A-1 preferred stock is convertible into 1,000 shares of common stock).

HOOKIPA has granted the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of its common stock at the public offering price of the common stock, less underwriting discounts, and commissions. And the gross proceeds to HOOKIPA from this offering are expected to be $75 million, before deducting underwriting discounts and commissions and other offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares. All of the securities in the Offering are to be sold by HOOKIPA. The offering is expected to close on March 4, 2022, subject to customary closing conditions.

SVB Leerink and RBC Capital Markets are acting as joint book-running managers of the offering.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.