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Achieve Life Sciences shares slump on its public stock offering

Achieve Life Sciences is a pharma group that specializes in smoking cessation products
Smoker
The public stock offering is set to raise US$12m

Shares in Achieve Life Sciences Inc (NASDAQ:ACHV), a clinical-stage pharmaceutical group specializing in smoking cessation, have plummeted on its announcement of another public stock issue.

In early trade, Achieve Life Sciences slumped 30.4% to US$3.62 on the news.

The offering, which is set to raise US$12m,  is comprised of class A shares priced at US$4 per share; each unit consists of one share plus a five-year warrant to purchase one share of common stock with an exercise price of $4 per share.

The outreach effort also includes class B units, priced at a public offering price of US$1,000 per unit, with each unit comprised of one share of Series A preferred stock, which is convertible into 250 shares of common stock that also carries an exercise price of $4 per share.

A total of 710,500 shares of common stock; 9,158 shares of Series A preferred stock convertible into 2,289,500 shares of common stock; and total warrants to purchase 3,000,000 shares of common stock will be issued as part of the offering.

Ladenburg Thalmann & Co is the book runner on the offering.

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Achieve Life Sciences Inc Timeline

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