Offering conducted to fund clinical trials, general corporate purposes
By Devika Patel
Knoxville, Tenn., May 22 - Alcobra Ltd. said it priced its $25 million initial public sale of stock with a $3.67 million greenshoe. It expects the shares to trade on the Nasdaq under the symbol "ADHD." The deal was announced Jan. 14.
The company will sell 3,125,000 ordinary shares at $8.00 per share.
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected May 28.
Proceeds will be used for clinical trials, evaluating MG01CI and working capital and general corporate purposes.
The emerging biopharmaceutical company is based in Tel Aviv, Israel.
| Issuer: | Alcobra Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | $25 million
|
| Greenshoe: | $3,665,000
|
| Shares: | 3,125,000
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Co-managers: | Sunrise Securities Corp. and Feltl & Co., Inc.
|
| Announcement date: | Jan. 14
|
| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Stock exchange: | Nasdaq: ADHD
|
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