Bookrunner Aegis Capital assisted with offering; deal priced Dec. 20
By Devika Patel
Knoxville, Tenn., Dec. 27 - Echo Therapeutics, Inc. said the underwriters fully exercised the $456,000 greenshoe in the company's public offering of stock for total proceeds of $3.5 million. The deal was announced and priced for $3.04 million with the greenshoe on Dec. 20.
The company sold 3.68 million common shares at $0.95 apiece. The per-share purchase price is a 20.83% discount to the closing share price of $1.20 on Dec. 19. Of the shares, 480,000 were part of the fully exercised greenshoe.
Aegis Capital Corp. was the bookrunner.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled specialty therapeutics and diagnostics company.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $3,496,000 (including $456,000 greenshoe)
|
| Shares: | 3.68 million
|
| Price: | $0.95
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Co-manager: | Feltl and Co.
|
| Announcement date: | Dec. 20
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 27
|
| Stock symbol: | Nasdaq: ECTE
|
| Stock price: | $1.20 at close Dec. 19
|
| Market capitalization: | $40.2 million
|
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