06:35 AM EDT, 03/20/2024 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

Aquestive Therapeutics ( AQST ) said Tuesday it has priced an underwritten public offering of about 16.7 million common shares at $4.50 per share, targeting gross proceeds of about $75 million.

Shares of the company slumped 12% in premarket activity Wednesday.

Underwriters have been granted a 30-day option to purchase up to 2.5 million additional shares

Net proceeds from the offering set to close around Friday will be used to develop the company's product pipeline and for general working capital.

Price: 4.68, Change: -0.66, Percent Change: -12.36