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Forte Biosciences Announces Pricing of $40.0 Million Public Offering of Common Stock
TORRANCE, Calif.--(BUSINESS WIRE)-- Forte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced the pricing of an
About this update from Forte Biosciences, Inc.
[{"type":"text","content":" TORRANCE, Calif.--(BUSINESS WIRE)--\nForte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced the pricing of an underwritten public offering of 1,403,509 shares of its common stock at a price to the public of $28.50 per share. In addition, Forte has granted to the underwriters a 30-day option to purchase up to an additional 210,526 shares of common stock at the public offering price of $28.50 per share, less underwriting discounts and commissions.\n\nThe aggregate gross proceeds from the offering are expected to be approximately $40.0 million, before deducting the underwriting discounts and commissions and offering expenses payable by Forte and excluding any exercise of the underwriters’ option to purchase additional shares. Forte intends to use the net proceeds of the offering for working capital and general corporate purposes, which include, but are not limited to, the funding of clinical development of, and pursuing regulatory approval for, its product candidates, and general and administrative expenses. All of the shares of common stock are being offered by Forte. The offering is expected to close on or about November 2, 2020, subject to customary closing conditions.\n\nLadenburg Thalmann, Truist Securities and Chardan are acting as joint book-running managers for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager for the offering.\n\nA shelf registration statement on Form S-3 relating to the common stock offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on May 11, 2018 and declared effective by the SEC on May 23, 2018. The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained from Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue, 26th Floor, New York, New Yo...