ImmunityBio, Inc. ( IBRX ) shares are trading lower on Wednesday after the company announced the pricing of its offering of 33,333,334 shares at $3.00 each.

The company plans to use the net proceeds from this offering to advance the commercialization of ANKTIVA for treating certain types of bladder cancer, fund trials for bladder cancer and non-small cell lung cancer, support further research and development, meet working capital needs and for other general corporate purposes.

In addition, the company has granted the underwriters a 30-day option to purchase up to 5,000,000 additional shares of common stock at the public offering price.

The offering is expected to close on or about Dec. 12.

See Also: Eli Lilly Unusual Options Activity

IBRX Price Action: At the time of writing, ImmunityBio ( IBRX ) stock is trading 2.9% lower at $3.11, according to data from Benzinga Pro.

Image: Akava Photo from Pixabay