By Colin Kellaher
Shares of Arcutis Biotherapeutics tumbled in premarket trading Friday after the biopharmaceutical company said it was raising $100 million in a dilutive public offering.
The Westlake Village, Calif., company said it is selling 40 million shares and prefunded warrants at $2.50 apiece, well below Thursday’s closing price of $3.03.
Shares of Arcutis, which had around 61.6 million shares outstanding as of June 30, were recently down nearly 19% to $2.46 in premarket trading.
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