Maxim Group, MLV and Feltl assist in selling ordinary stock in deal
By Devika Patel
Knoxville, Tenn., March 18 - Galmed Pharmaceuticals Ltd. said the underwriters for its initial public offering of stock opted to exercise the deal's $5.75 million greenshoe in full, lifting total proceeds to $44.05 million. The deal was announced Feb. 6 and priced for $38.31 million with the greenshoe on March 12.
The company sold 3,263,010 ordinary shares at $13.50 per share. Of the shares, 425,610 were part of the fully exercised greenshoe.
Maxim Group LLC was the bookrunning manager.
Proceeds will be used for clinical trials and product development, establishing and building a research and development infrastructure, studies, working capital and general corporate purposes.
The clinical-stage biopharmaceutical company is based in Tel Aviv, Israel. The company intends to list its common stock on the Nasdaq stock exchange under the symbol "GLMD."
Issuer: | Galmed Pharmaceuticals Ltd.
|
Issue: | Ordinary stock
|
Amount: | $44,050,635, including $5,745,735 greenshoe
|
Shares: | 3,263,010
|
Price: | $13.50
|
Warrants: | No
|
Bookrunner: | Maxim Group LLC
|
Co-managers: | MLV & Co. and Feltl and Co.
|
Announcement date: | Feb. 6
|
Pricing date: | March 12
|
Settlement date: | March 18
|
Stock exchange: | Nasdaq: GLMD
|
© 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.