Celyad Oncology Shares Surge on $32.5 Million Placement
December 03 2021 - 5:23AM
Dow Jones News
By Mauro Orru
Shares in Celyad Oncology SA jumped Friday after the Belgian
biotechnology company struck an agreement with an affiliate of
investment manager Fortress Investment Group LLC for a private
placement targeting gross proceeds of $32.5 million.
At 0940 GMT, Celyad shares traded 20% higher at EUR3.83.
Celyad said it would issue 6.5 million ordinary shares at $5
each and use the proceeds to fund research and development
expenses. The subscription should close on or around Dec. 8.
Fortress, backed by Japanese technology and investment
conglomerate SoftBank Group Corp., will hold a 28.8% stake in
Celyad as a result of the transaction.
Celyad said that it should have enough funding to meet its
operating expenses and capital expenditure requirements into the
first half of 2023, following close of the private placement.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
December 03, 2021 05:08 ET (10:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Celyad Oncology (NASDAQ:CYAD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Celyad Oncology (NASDAQ:CYAD)
Historical Stock Chart
From Sep 2023 to Sep 2024