Tenaya Therapeutics (TNYA) said late Monday it priced an underwritten public offering of 75 million units at $0.70 per unit for gross proceeds of $52.5 million.

Each unit consists of one common share, one warrant to purchase one common share at an exercise price of $0.80 per share, and one warrant to purchase one-half of a common share at an exercise price of $0.70 per share.

Net proceeds will be used to fund clinical development activities, working capital and general corporate purposes, the company said.

Closing of the offering is expected on or about Wednesday, subject to customary conditions.

Tenaya Therapeutics shares fell more than 27% in after-hours activity Monday.