Curious to hear thoughts. Avrobio on Friday withdrew their S3 with the SEC. It was less than a year old, with a natural 3 year expiration. Would have allowed them to sell $300m shares, but it was never activated and no shares sold.
Company is searching for strategic alternatives (cash rich w/ IP) which they announced four months ago.
Trying to wrap my brain around why a company would withdraw their S3 in this scenario. Seems like tying up loose ends, but to what effect I am unsure. Doesn't seem like you would need to withdraw an S3 ahead of a outright acquisition. Has anyone seen this move ahead of a reverse merger?
Leave a Reply