Shares of Novavax Inc. (NASDAQ:NVAX) slid after the biotechnology company said its public stock offering was discounted below its previous closing price.
The stock dropped 13% to US$1.80 at 10:00 am.
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Novavax offered 30.3 mln shares at US$1.65 a share, the company said in a statement yesterday. That is 21% lower than the closing price of US$2.08 on Wednesday.