XBiotech (NASDAQ:XBIT) slumps 30% premarket on average volume on the heels of preliminary results from its tender offer announced a month ago.
A total of 41,164,725 common shares were tendered, including 2,178,233 by notice of guaranteed delivery.
It expects to buy ~14M shares at $30 per share for an aggregate of $420M.
The preliminary proration factor for shares the
company plans to purchase is ~30.91% which explains the 30% drop in
current share price.
https://seekingalpha.com/news/3541726-xbiotech-down-30-premarket-on-preliminary-results-of-tender-offer
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