04:21 PM EDT, 09/10/2024 (MT Newswires) -- Viridian Therapeutics ( VRDN ) said Tuesday it started a $150 million underwritten public offering of commons shares and series B non-voting convertible preferred shares.

The company said it plans to offer underwriters a 30-day option to purchase up to an additional $22.5 million common shares.

Each series B share is convertible into 66.67 shares at the holder's choice, subject to beneficial ownership conversion limits, according to the company.

Viridian said it plans to use the proceeds from the offering to advance its clinical development programs, working capital and general corporate purposes.

Shares of the company fell 2.3% in after-hours activity.

Price: 18.32, Change: -0.43, Percent Change: -2.29