Zai Lab Ltd's stock surged 6.04% in pre-market trading on Friday, following the biotech company's announcement of a $200 million public offering of new shares.
On Thursday, Zai Lab priced an offering of around 7.8 million American Depositary Shares (ADSs) at $25.50 per ADS to raise gross proceeds of approximately $200 million. The underwriters were also granted a 30-day option to purchase up to an additional 1.2 million ADSs.
The dilutive impact of increasing the number of outstanding shares is likely the key driver behind Zai Lab's pre-market stock soar on Friday. The additional shares issued during the public offering contributed to a price dilution for existing shareholders.
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