Benzinga | May 25, 2021 11:33AM EDT

Achieve Life Sciences Stock Plunges After Raising $20M Via Equity at 19% Discount

* Achieve Life Sciences Inc (NASDAQ: ACHV) has priced its underwritten public offering of 2.9 million at $7 per share, representing a discount of 19% from the last close price of $8.61.

* Underwriters have a 30-day option to purchase up to an additional 428 thousand shares.

* The offering is expected to close by May 27.

* The gross proceeds of approximately $20 million will fund ongoing cytisinicline development, other clinical R&D, working capital, and general corporate purposes.

* Price Action: ACHV shares are down 11.7% at $7.63 during the market session on the last check Tuesday.