Nuvation Bio said underwriters fully exercised their over-allotment option on its convertible senior notes deal, adding $37.5 million to the offering and bringing total principal sold to $287.5 million.
The company had originally priced $250 million of 0.75% convertible senior notes due 2032, then upsized the transaction by the full greenshoe. With the additional sale, Nuvation Bio now estimates net proceeds of about $277.6 million after underwriting discounts, commissions and offering expenses.
Nuvation Bio said it used about $2.2 million of the proceeds from the greenshoe exercise to cover the cost of additional capped call transactions. Those capped calls were set at a cap price of $10.4580, equal to an 80% premium to the stock’s last reported sale price on June 25, 2026.
The remaining proceeds are earmarked for general corporate purposes, including working capital, operating expenses, capital expenditures and general and administrative expenses. The market has reacted to these announcements by moving the company's shares -0.62% to a price of $5.565. For the full picture, make sure to review Nuvation Bio's 8-K report.
