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ETNB.US
id: 508, Created by Stan Vick, Scout
ETNB Unreasonable Upsized Shares Offering Case
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The next day, the firm priced its previously announced underwritten public offering by upsizing to $94.5 million, further diluting current shareholders, and seriously damaging them.
The offering was conducted at depressed price levels and it was upsized without the critical necessity for the Company's needs, rising questions about intentional cheap shares sale on behalf of affiliates.
Going back on May 11, 2022, 89bio reported that it had cash, cash equivalents, and short-term investments of $126.1 million. Based upon current projections, 89bio believed it has sufficient cash to fund operations into the second half of 2023.
Comparing the official Company's financial representations and further actual steps, Investors have all reasons to suspect the Company's management of gross violations, including financial misrepresentations, breach of fuduciary duties to shareholders and probably malpractice.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 June 2022