TREACE Medical Concepts stock falls 8.48% following $100 million IPO

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TREACE Medical Concepts stock falls 8.48% following $100 million IPO

The company announced a $100 million common stock offering Wednesday morning, but the Treace Medical Concepts Inc TMCI shares are trading lower by 8.48% to $21.05 Wednesday morning.

Treace Medical Concepts said the proposed offering is subject to market and other conditions, and there could be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.

The underwriters will have a 30 day option to purchase up to $15.0 million of shares of its common stock, according to Treace Medical Concepts.

See also: Why Sonnet BioTherapeutics SONN Shares Are Falling?

Treace intended to use the net proceeds from the proposed offering for general corporate purposes, including research and development, sales and marketing activities, general and administrative matters and capital expenditures.

According to data from Benzinga Pro, TMCI has a 52 week high of $26.50 and a 52 week low of $12.48.