Viridian Therapeutics Inc. (NASDAQ:VRDN) is one of the best low priced stocks to buy for the next 3 years.
On May 6, Viridian Therapeutics announced the pricing of upsized concurrent public offerings totaling $350 million in aggregate gross proceeds
The financing consists of $225 million in 1.75% convertible senior notes due 2032 and an equity offering of 7,352,942 shares of common stock priced at $17.00 per share. Net proceeds are estimated at $334.7 million, with underwriters granted 30-day options to purchase up to an additional $25 million in notes and 1,102,941 shares of common stock. The convertible notes will be unsecured, senior obligations maturing on May 15, 2032, with interest payable semi-annually.
The initial conversion rate is set at 40.5680 shares per $1,000 principal amount, representing an initial conversion price of approximately $24.65 per share and a 45.0% premium over the public equity offering price. Viridian retains the option to redeem the notes on or after May 20, 2030, provided its stock price exceeds 130% of the conversion price for a specified trading duration. Viridian Therapeutics Inc. (NASDAQ:VRDN) plans to use the net proceeds to fully repay its outstanding debt with Hercules Capital Inc.