Inovio Stock Falls 21% After Hours: Here's What's Going On

Inovio Pharmaceuticals Inc. (NASDAQ:INO) shares tumbled in Wednesday’s after-hours session after the biotechnology company priced a $20 million underwritten public offering of common stock and accompanying warrants.

The stock closed Wednesday’s regular session up 0.97% at $1.04 before falling 21.20% in after-hours trading to $0.82.

The company develops and commercializes DNA medicines targeting HPV-related diseases, cancer and infectious diseases.

Public Offering of 21.05 M Shares

Inovio priced an underwritten public offering of 21.05 million shares of common stock and accompanying warrants to purchase up to 42.11 million additional shares of common stock, or pre-funded warrants in lieu thereof. The securities are being offered at a combined public offering price of $0.95 per share and accompanying warrant.

The accompanying warrants carry an exercise price of $1.10 per share. The company also granted the underwriter a 30-day option to purchase up to an additional 3.16 million shares and warrants to acquire up to 6.32 million shares.

The offering is expected to close on or about July 31, subject to customary closing conditions. Inovio expects to receive gross proceeds of approximately $20 million before deducting underwriting discounts, commissions and other offering expenses.

Piper Sandler Cos’s (NYSE:PIPR) is serving as the sole manager for the offering.

Trading Metrics

Inovio has a market capitalization of approximately $85.56 million, with a 52-week high of $2.98 and a 52-week low of $0.95.

Over the past 12 months, INO shares have declined approximately 27.78%.

Benzinga Edge Stock Rankings show negative price trends across the short-, medium- and long-term time frames.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Courtesy: TIMS13 on Shutterstock.com