Units consist of one share and 0.35 warrants; Piper Jaffray assists
By Devika Patel
Knoxville, Tenn., May 30 - Venaxis, Inc. said the underwriters for its public offering of units opted to exercise the deal's $1.88 million greenshoe in full for total proceeds of $14.38 million. The deal priced for $12.5 million with the greenshoe on May 23 and was conducted on a firm commitment basis.
The company sold 11.5 million units of one common share and 0.35 warrants at $1.25 per unit, with each whole warrant exercisable at $1.36 for five years. Of the units, 1.5 million were part of the fully exercised greenshoe.
The strike price is a 42.05% premium to the May 22 closing share price of $4.40.
Piper Jaffray & Co. was the underwriter and manager.
Proceeds will be used for general corporate purposes, including clinical development, seeking FDA clearance for APPY1 and for initial commercialization of APPY1.
The biomedical diagnostic company is based in Castle Rock, Colo.
| Issuer: | Venaxis, Inc.
|
| Issue: | Units of one common share and 0.35 warrants
|
| Amount: | $14,375,000 (including $1,875,000 greenshoe)
|
| Units: | 11.5 million
|
| Price: | $1.25
|
| Warrants: | 0.35 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.36
|
| Underwriter: | Piper Jaffray & Co.
|
| Pricing date: | May 23
|
| Settlement date: | May 30
|
| Stock symbol: | Nasdaq: APPY
|
| Stock price: | $1.36 at close May 22
|
| Market capitalization: | $13.24 million
|
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