Atai Life Sciences (NASDAQ: ATAI) late last night announced the pricing of its upsized initial public offering. The clinical-stage biotech firm now expects its IPO to raise gross proceeds of roughly $225.0 million for the company.
Under the terms of the offering, Atai is looking to sell a total of 15.0 million common shares at a price of US$15.00 per share. No warrant is included in the offering.
Notably, the firms IPO is being conducted at the high-end of the initial range provided for the offering, which was expected to be priced between $13.00 and $15.00 a share. The company also initially intended to issue 14.3 million common shares under the offering, before upsizing.
The company has also granted the underwriters an over-allotment option, which is good for an additional 2.25 million common shares. If exercised, its expected to bring the company an additional $33.8 million to company coffers.
The offering is expected to close June 22, with the company to commence trading today on the Nasdaq Global Market under the symbol “ATAI”.
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