Why Codiak BioSciences Shares Are Nosediving During Monday's After-Hours Session

Codiak BioSciences Inc CDAK shares are trading lower by 21.6% to $1.31 during Monday's after-hours session after the company proposed a public offering of common stock and warrants. No size was disclosed.

What Else?

Codiak intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock and warrants to purchase shares of common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions.

All the securities to be sold in the proposed offering will be sold by Codiak. The offering is subject to market and other conditions, and Codiak BioSciences says there can be no assurances as to whether or when the offering may be completed, or as to the actual size and terms of the offering.

See Also: Why Akari Therapeutics Shares Are Getting Obliterated

According to data from Benzinga Pro, Codiak BioSciences has a 52-week high of $19.99 and a 52-week low of $1.67.