Bookrunners Canaccord Genuity and Ladenburg Thalmann assist with sale
By Devika Patel
Knoxville, Tenn., April 24 – Lipocine Inc. said it priced a $30.23 million public sale of stock with a $4.53 million greenshoe. The offering was announced on Thursday.
The company will sell 4.65 million common shares at $6.50 per share. The price per share reflects an 8.71% discount to the April 23 closing share price of $7.12.
Canaccord Genuity Inc. and Ladenburg Thalmann are the bookrunners.
Settlement is expected April 29.
Proceeds will be used for general corporate purposes, including working capital and capital expenditures.
The specialty pharmaceutical company is based in Salt Lake City.
| Issuer: | Lipocine Inc.
|
| Issue: | Common stock
|
| Amount: | $30,225,000
|
| Greenshoe: | $4,533,750
|
| Shares: | 4.65 million
|
| Price: | $6.50
|
| Warrants: | No
|
| Bookrunners: | Canaccord Genuity Inc. and Ladenburg Thalmann
|
| Co-manager: | Roth Capital Partners
|
| Announcement date: | April 23
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Stock symbol: | Nasdaq: LPCN
|
| Stock price: | $7.12 at close April 23
|
| Market capitalization: | $85.99 million
|
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