Why 9 Meters Biopharma, Inc. (NMTR) stock decreased in pre-market?

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9 Meters Biopharma, Inc. (NMTR) stock increased 3.03% closing at $1.36 compared to the previous day closing of $1.32 but in the premarket, the NMTR stock decreased by 15.44% to $1.15. NMTR announced that it has initiated a proposed underwritten public offering of its shares of common stock on March 30th, 2021.

Overview of 9 Meters Biopharma, Inc.

9 Meters Biopharma Inc. is a biotech company that focuses on rare and unmet needs of gastroenterology. NMTR is headquartered in the Research Triangle, East Coast, Southern United States. NMTR is advancing itself towards a phase-2 trial for the drug candidates for non-responsive celiac disease, an immune disease, and a phase 3 trial for short bowel syndrome, a rare orphan disease. NMTR is backed by over 150 patents worldwide and owns all the global rights to their products. NMTR has a strong management team that has a history of bringing novel therapeutics to the market.

NMTR proposed a public offering of common stock

On Tuesday, 30th March 2021, 9 Meters announced that it has initiated a proposed underwritten public offering of its shares of common stock. It is expected that NMTR will grant underwriters a 30-day option to purchase the additional 15% common stock shares that will be sold during the public offering. NMTR itself will sell all the shares in the proposed offering. There is no assurance that the offering will be completed and it is subject to the market and other conditions. The joint book-running managers for the proposed offering are William Blair & Company, LLC and Citigroup. NMTR announced that it will be offering 30,000,000 shares of its common stock to the public at a price of $1 per share. It is expected that the offering will close at 5th of April. The gross proceeds of NMTR from the public offering are expected to be $30 million, prior to the deduction of offering expenses payables, underwriting discounts, and commissions. An initial prospectus related to the proposed offering of NMTR will be filed with the Securities and Exchange Commission (SEC) and will later be available on SEC’s website. The copies of the prospectus related to the offering will also be available to be obtained from Citigroup Global Markets Inc. The final report of the offering will be revealed in a final prospectus to be filed with the SEC.

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