MAIA Biotechnology plunges after $30 million share sale

Drug developer MAIA Biotechnology's MAIA.A shares plunge 29% to $1.47 premarket

MAIA late on Monday announced pricing of $30 million public offering

Co sold 20 million shares at $1.50 apiece, a 27.5% discount to stock's last close

Offering led by healthcare-dedicated investors alongside existing shareholders - MAIA

Proceeds will be used to conduct clinical trials and for working capital, general purposes

Konik Capital Partners was sole book-running manager for offering

MAIA had 38.7 million outstanding shares as of March 2, according to offering prospectus

Lone analyst covering MAIA rates it "buy" and has $12.14 PT - data compiled by LSEG

As of last close, MAIA stock up 35.3% YTD