Medical device firm Nuwellis Inc's (NASDAQ: NUWE) share price is on the slide premarket after announcing an underwritten public offering.
While the amount of share being offered was not given, Nuwellis, formerly called CHF Solutions, said it intends to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with the offering.
The funds raised by the offering will be used for general corporate purposes, including the continued investment in commercialization efforts.
The news has seen Nuwellis shares plunge 25.2% premarket to $2.76. Over a week ago, Lake Street analyst Brooks O'Neil initiated coverage of Nuwellis with a Buy rating and $9 price target.
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