Public Offering

Bread Financial (BFH) priced an underwritten offering of depositary shares, each representing a 1/40th interest in Series A Non-Cumulative Perpetual Preferred Stock, with a $25 liquidation preference. The offering is expected to close on November 25, 2025, and generate approximately $72.6 million in net proceeds. BFH intends to use the funds for general corporate purposes, including potential contributions to Comenity Capital Bank and share repurchases and will seek NYSE listing for the depositary shares.

American Integrity Insurance (AII) announced the pricing of a secondary offering of 3,000,000 shares at $20.00 per share by certain stockholders. Underwriters have an option to purchase an additional 450,000 shares. American Integrity will not receive any proceeds. The offering, expected to close on November 21, 2025, aims to increase stock liquidity and broaden the shareholder base. Keefe, Bruyette & Woods, Piper Sandler, and William Blair are the active bookrunners for the offering. The secondary offering provides new opportunities for investors in Florida’s property insurance market.

Nuvalent, Inc. (NUVL) announced a public offering of 4,950,496 Class A common stock shares at $101.00 per share, anticipating gross proceeds of approximately $500 million. Selling Stockholders granted underwriters an option to purchase up to 742,574 additional shares. J.P. Morgan, Jefferies, TD Cowen, and Cantor are joint book-running managers. The offering is expected to close on November 20, 2025, pending standard conditions. Funds will support Nuvalent’s kinase-driven cancer therapies pipeline. The offering is under a shelf registration statement filed with the SEC.

Ceva, Inc. (NASDAQ: CEVA) announced a public offering of 3,000,000 shares of common stock at $19.50 per share, expecting to close on November 20, 2025. J.P. Morgan and UBS Investment Bank are managing the offering, which includes an option for underwriters to purchase an additional 450,000 shares. Gross proceeds are expected to be $58.5 million, intended for acquisitions, investments, working capital, and share repurchases. The offering is under a shelf registration statement filed with the SEC. Ceva’s focus is on wireless connectivity, sensing, and edge AI technologies.

Verastem Oncology (VSTM) plans a public offering of common stock, granting underwriters a 30-day option for 15% more shares. Jefferies, Guggenheim Securities, and Cantor are joint book-running managers. Net proceeds will support the commercialization of AVMAPKI™ FAKZYNJA™ CO-PACK for KRAS-mutated recurrent Low-Grade Serous Ovarian Cancer and clinical development, including the VS-7375 oral KRAS G12D inhibitor, and general corporate needs. The offering depends on market conditions. A shelf registration statement is effective, and offering documents are available on the SEC website.

Vor Bio (Nasdaq: VOR) announced the pricing of a public offering of 10,000,000 common shares at $10.00 per share, expecting $100 million in gross proceeds. The offering is anticipated to close around November 12, 2025, subject to closing conditions. Underwriters, including J.P. Morgan and Jefferies, have a 30-day option to purchase up to 1,500,000 additional shares. The shares are being sold under an existing shelf registration. A final prospectus supplement will be filed with the SEC and available via the underwriters.

NexMetals (TSXV:NEXM, Nasdaq:NEXM) launched a C$65 million public offering of Units (upsized from C$50M due to demand) at C$5.70 each. Each Unit contains one share and a warrant exercisable at C$8.00 for 24 months. Proceeds will prepay a contingent milestone for Selebi/Selkirk, advance Botswana development, and bolster working capital. Closing is expected around November 13, 2025. The offering includes a 15% over-allotment option and 6% agents’ fees, raising potential dilution concerns.

Tamboran Resources announced the pricing of its stock offering of 2,324,445 shares at $21.00 per share, expected to close on October 24, 2025, pending standard conditions. The offering, managed by RBC Capital Markets, Wells Fargo Securities, and BofA Securities, anticipates gross proceeds of approximately $48.8 million. Tamboran plans to use the funds for its development plan in the Beetaloo Basin, working capital, and general corporate purposes. The Beetaloo Basin represents a significant natural gas resource for Australia but faces risks including price fluctuations and regulatory hurdles.

Viridian Therapeutics (VRDN) announced the pricing of its public offering of 11,425,000 shares at $22.00 each, potentially generating $251.35 million in gross proceeds. Underwriters have an option to purchase additional shares. Closing is expected around October 23, 2025. Viridian will use the funds to support commercialization of veligrotug and VRDN-003 for Thyroid Eye Disease, ongoing research and development, and general corporate purposes. Jefferies, Leerink Partners, Evercore ISI, and Stifel are managing the offering.

Standard Lithium (SLI) plans a $120 million public offering of common shares, aiming to fund capital expenditures at its South West Arkansas and Franklin projects. Underwriters, led by Morgan Stanley and Evercore ISI, have a 30-day option to purchase up to 15% more shares. The offering is subject to market conditions and could dilute existing shareholders if completed. Proceeds will also support working capital and general corporate purposes.