Deal conducted by joint bookrunners Roth Capital Partners, Oppenheimer
By Devika Patel
Knoxville, Tenn., July 2 – IGI Laboratories, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $3.49 million greenshoe in full for total proceeds of $26.74 million. The deal was announced June 26 and priced for $23.25 million with the greenshoe on June 27.
The company sold 5,347,500 common shares at $5.00 apiece. The price per share is a 5.84% discount to the June 26 closing share price of $5.31. Of the shares, 697,500 were part of the fully exercised greenshoe.
Roth Capital Partners and Oppenheimer & Co. were the joint bookrunning managers.
Proceeds will be used for general corporate purposes.
IGI is a pharmaceutical company based in Hillside, N.J.
| Issuer: | IGI Laboratories, Inc.
|
| Issue: | Common shares
|
| Amount: | $26,737,500 (including $3,487,500 greenshoe)
|
| Shares: | 5,347,500
|
| Price: | $5.00
|
| Warrants: | No
|
| Bookrunners: | Roth Capital Partners and Oppenheimer & Co.
|
| Announcement date: | June 26
|
| Pricing date: | June 27
|
| Settlement date: | July 2
|
| Stock symbol: | NYSE: IG
|
| Stock price: | $5.31 at close June 26
|
| Market capitalization: | $270.01 million
|
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