Biotechnology company SIGA Technologies Inc. said Thursday it sold $20 million in common stock to investors, at a discount.
The company sold more than 2.7 million common shares at $7.35 each, marking a 15.1 percent discount to Wednesday's closing price of $8.66.
SIGA, which has about 38.3 million shares of common stock outstanding, said it will use the $18.6 million in net proceeds for general corporate purposes.
Shares fell $1.36, or 15.7 percent, to $7.30 in afternoon trading.
RBC Capital Markets served as the lead placement agent and Cowen and Company LLC acted as co-agent of the offering.