Benzinga | Apr 28, 2021 05:34AM EDT

Benitec Biopharma Increased Previously Announced Bought Deal Offering of Common Stock to 3.03M Shares Priced @$4.25/Share

Benitec Biopharma Inc. (NASDAQ:BNTC) announced that, due to demand, the underwriter has agreed to increase the size of the previously announced offering and purchase on a firm commitment basis 3,036,366 shares of common stock of the Company at a price to the public of $4.25 per share, less underwriting discounts and commissions. The Company has also granted the underwriter a 30-day option to purchase up to an additional 455,454 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about April 30, 2021, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.The gross proceeds of the offering are expected to be approximately $12.9 million, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company and excluding the exercise of the underwriter's option to purchase additional shares. The Company intends to use the net proceeds from the offering for the continued advancement of development activities for its product pipeline, general corporate purposes, and strategic growth opportunities.