CRISPR Therapeutics Shares Fall 8% On $350 Mln Convertible Notes Offering

CRISPR Therapeutics

38.75 CHF -2.08%

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(RTTNews) - CRISPR Therapeutics AG (CRSP) shares declined 7.82 percent to $54.19, down $4.59 on Tuesday, after the company announced plans to offer $350 million in convertible senior notes.

The stock is currently trading at $54.19 compared with its previous close of $58.78. Shares opened at $53.92 and traded between $53.11 and $55.40 during the session on the Nasdaq. Trading volume reached about 1.90 million shares, slightly above the average volume of about 1.65 million shares.

CRISPR Therapeutics said the convertible senior notes due 2031 will be offered in a private placement, with initial purchasers having a 13-day option to buy up to an additional $52.5 million of the notes. The company said it plans to use the net proceeds for general corporate purposes. The stock has traded between $30.04 and $78.48 over the past 52 weeks.