BioXcel Therapeutics (BTAI) Prices 2M Share Offering at $32

BioXcel Therapeutics, Inc. (Nasdaq: BTAI) announced the pricing of an underwritten public offering of 2,000,000 shares of common stock at a public offering price of $32.00 per share. In addition, BTI has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock from BTI at the public offering price, less underwriting discounts and commissions. Gross proceeds to BTI from the offering are expected to be approximately $64.0 million, before deducting underwriting discounts and commissions and offering expenses. To the extent the underwriters exercise their option to purchase additional shares of common stock, the Company intends to use the net proceeds from the sale of additional shares to repurchase shares of common stock (which shares will then be canceled) from BioXcel Corporation at a price equal to the price paid by the underwriters for such shares in the public offering.

BofA Securities, Canaccord Genuity and SunTrust Robinson Humphrey are acting as book-running managers for the offering. H.C. Wainwright & Co. is acting as co-manager for the offering. The offering is expected to close on or about February 24, 2020, subject to customary closing conditions.

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