We have been expecting this news for a few days now, and it has now finally arrived. VIVUS Inc. (NASDAQ: VVUS) is going to offer up to 8.5 million shares of common stock in a public offering under its existing shelf registration. All of stock being sold is coming from the company.
J.P. Morgan Securities LLC is acting as sole book-running manager of the proposed offering. VIVUS will grant the underwriters a 30-day overallotment option to purchase up to 1,275,000 additional shares of common stock.
VIVUS already had insiders selling in recent days and the stock has come off of the high by almost $4.00 from yesterday’s peak. Shares closed down 10.6% at $21.26 today versus a 52-week trading range of $6.00 to $25.14. The stock was down about 3% more in after-hours trading.
JON C. OGG
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