Stock Track | Relay Therapeutics Plunges 25% as $200 Million Stock Offering Raises Dilution Concerns

Stock Track09-12

Shares of Relay Therapeutics (RLAY) plummeted by 25.56% in pre-market trading on Tuesday, September 11, 2024, after the clinical-stage precision medicine company announced the pricing of a $200 million public offering of its common stock.

On Monday evening, Relay Therapeutics revealed that it would sell 28.57 million shares at $7.00 per share, a significant discount to its previous closing price of $9.00. The offering, which grants underwriters a 30-day option to purchase an additional 4.29 million shares, is expected to close on or around September 12, 2024.

The move to raise additional capital through a dilutive stock offering has sparked concerns among investors about the potential dilution of their existing stakes in the company. Such share dilution typically puts downward pressure on a company's stock price in the near term, as it increases the total number of outstanding shares and reduces the ownership percentage of existing shareholders.

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