Cytokinetics (CYTK) shares slumped more than 17% in the most recent pre-market trading on Thursday after the company proposed a private offering of $450 million of convertible senior notes due 2027.
The company said late Wednesday it expects to grant the initial buyers an option to buy up to an additional $90 million of notes.
Net proceeds will be used to repurchase a portion of the company's outstanding 4.00% convertible senior notes due 2026 and expand certain clinical development programs.
Price: 39.92, Change: -8.82, Percent Change: -18.1
|-- Earnings Flash (ANY) SPHERE 3D Posts Q2 Revenue $...|
|-- Earnings Flash (AWX) AVALON HOLDINGS CORPORATION ...|
|-- Earnings Flash (IKT) INHIBIKASE THERAPEUTICS Repo...|
|Research Alert: CFRA Retains Hold Opinion On Shares ...|
|US Stocks Climb as Inflation Expectations Wane|