RTTNews | Feb 12, 2021 09:57AM EST

09:56 Friday, February 12, 2021 (RTTNews.com) - Shares of CollPlant Biotechnologies Ltd. (CLGN) are trading down more than 29% Friday morning at $17.20.

Thursday late evening, CollPlant had said it entered into definitive agreements with many institutional investors to sell 2 million ADSs of the company at $17.50 per ADS. Each ADS represents one ordinary share, par value NIS 1.50 per share, of CollPlant.

The company intends to use the proceeds from the offering of about $35 million for general corporate purposes.

CLGN has been trading in the range of $6- $24.26 in the last one year.

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