04:06 AM EDT, 06/12/2024 (MT Newswires) -- ProKidney ( PROK ) said late Tuesday it priced a $130 million underwritten public offering and a concurrent registered direct offering of about 53.7 million of its class A ordinary shares at $2.42 per share, upsized from $125 million previously.

The company gave the underwriters a 30-day option to buy up to an additional 15% of the shares sold in the public offering. Both offerings are expected to close on or about Thursday.

The company said it plans to use the net proceeds for clinical trial costs and other research and development expenses, investment in its drug development platform, pre-commercial and commercial activities and for other general corporate purposes.

The company's shares were down 7.5% in after-hours activity Tuesday.

Price: 2.2400, Change: -0.18, Percent Change: -7.44