DBV TECHNOLOGIES down sharply after a capital increase (Photo credits: Adobe Stock -)
(AOF) – DBV Technologies drops more than 7% to 12.45 euros after the announcement of a capital increase of 125 million dollars on the Nasdaq, so via ADS, priced at 6.59 dollars per share, or 12, 04 euros per share. This price represents a discount of 14.9% compared to the weighted average price of the French biotech share on Euronext the day before the price of the issue was fixed.
Without doubt, investors who have massively sold their shares in recent days have had a hollow nose … The stock has sold 5.2% Monday and 11.8% Tuesday, a decline of 16.4 % in two sessions.
DBV Technologies is thus penalized today by the dilutive character of the capital transaction: nearly 8 million new shares will be created. They will add 30.2 million existing.
The company plans to use the net proceeds of the transaction as well as existing cash and cash equivalents, mainly, if approved, to prepare for the commercialization of Viaskin Peanut and incidentally to finance the development of its other product candidates. and, more generally, its working capital and general needs.
ADR / ADS
An American Depository Receipt (ADR) program allows a foreign company to be listed in the United States. An ADR constitutes a right of ownership of a physically listed security (ADS or American Depository Share). The ADRs of a foreign company are issued through a US bank in exchange for the deposit of a corresponding amount of principal shares.