Marker Therapeutics Stock Plunges On Capital Raise At 31% Discount

Marker Therapeutics Inc (NASDAQ: MRKR) priced an underwritten public offering of 28.57 million common shares at $1.75 per share, representing a 31% discount from the last close price of $2.53 on Thursday. 

• The company will raise approximately $50 million in gross proceeds from the offering.
• Underwriters can purchase up to an additional 4.285 million shares, and the offering will close by March 16.
• The company plans to use the proceeds, along with cash and cash equivalents, to fund the Phase 2 trial of MT-401 in acute myeloid leukemia, development of MultiTAA therapies into clinical trials in other indications, manufacturing activities, working capital, and general corporate purposes.
• Part of the proceeds can also be used to invest in or acquire businesses or technologies complementary to the company.
• Last week, the company announced that it had treated the first patient in the Phase 2 trial of MT-401 in patients with acute myeloid leukemia following an allogeneic stem cell transplant.
• Piper Sandler is acting as the sole active book-running manager for the offering. Cantor Fitzgerald is also acting as a book-running manager for the offering. Oppenheimer is acting as the lead manager, and Roth Capital Partners is acting as the co-manager for the offering.
• Price Action: MRKR shares plummet 26.9% at $1.85 in premarket trading on the last check Friday.