Aegis Capital will help raise proceeds for general corporate purposes
By Devika Patel
Knoxville, Tenn., June 14 - Echo Therapeutics, Inc. said on Thursday that it has priced a $10.87 million public offering of stock with a $1.63 million greenshoe. Aegis Capital Corp. is the bookrunner for the deal, which was announced on June 7.
The company will sell 4,025,000 common shares at $2.70 per share. The price per share reflects an 18.43% discount to the June 12 closing share price of $3.31.
Settlement is expected on June 19.
Proceeds will be used for general corporate purposes, including manufacturing and key equipment purchases, clinical trial expenses, sales and marketing channel preparations, European operations planning and implementation, other research and development expenses and general and administrative expenses.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled specialty therapeutics and diagnostics company.
Issuer: | Echo Therapeutics, Inc.
|
Issue: | Common stock
|
Amount: | $10,867,500
|
Greenshoe: | $1,630,125
|
Shares: | 4,025,000
|
Price: | $2.70
|
Warrants: | No
|
Bookrunner: | Aegis Capital Corp.
|
Announcement date: | June 7
|
Pricing date: | June 13
|
Settlement date: | June 19
|
Stock symbol: | Nasdaq: ECTE
|
Stock price: | $3.31 at close June 12
|
Market capitalization: | $16.58 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.