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Provention Bio Cancels Secondary Offering, Shares Rally

Tanzeel Akhtar

Provention Bio, Inc. (NASDAQ: PRVB) has canceled the public offering of common stock previously announced June 10 due to market conditions.

Provention Bio had filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission relating to a registered underwritten public offering of 5,500,000 shares of its common stock.

According to the group, the termination results from an assessment by the company's management that current market conditions are not conducive for an offering on terms that would be in the best interests of the company's shareholders.

Provention Bio has withdrawn its S-1 related to the offering and filed with the SEC.

Provention Bio shares were trading up 14% at $13.60 in Thursday's pre-market session. The stock closed June 7 at $4.35.

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