Aegis is bookrunning manager; deal has a $2.14 million greenshoe
By Devika Patel
Knoxville, Tenn., May 6 - InVivo Therapeutics Holdings Corp. said it priced a $14 million public offering of units with a $2.14 million greenshoe. The offering was announced Monday.
The company will sell 12,175,000 units of one common share and a half-share warrant at $1.15 per unit. Each whole warrant will be exercisable at $1.4375 for five years. The strike price is a 17.86% discount to the May 5 closing share price of $1.75 and is also 125% of the unit price, the company said in a press release.
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected May 9.
Proceeds will be used for general corporate purposes, including research, development and pre-clinical studies, completion of the company's scaffold pilot clinical study and working capital.
Based in Cambridge, Mass., the company is focused on technologies for spinal cord injuries.
| Issuer: | InVivo Therapeutics Holdings Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $14,001,250
|
| Greenshoe: | $2,141,588
|
| Units: | 12,175,000
|
| Price: | $1.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.4375
|
| Bookrunner: | Aegis Capital Corp.
|
| Announcement date: | May 5
|
| Pricing date: | May 6
|
| Settlement date: | May 9
|
| Stock symbol: | OTCBB: NVIV
|
| Stock price: | $1.75 at close May 5
|
| Market capitalization: | $94.79 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.
