By Sheri Kasprzak
New York, June 2 - Neogen Corp. intends to raise $13 million in a direct placement of stock.
The company plans to sell 650,000 shares at $20.00 each.
Also, a group of the company's shareholders will sell 150,000 shares at the same price.
The shares will be offered under the company's shelf registration.
Roth Capital Partners, LLC and Stonegate Securities, Inc. are the placement agents.
Proceeds will be used for retire long-term debt, for acquisitions of complementary products, technologies and businesses and for working capital and general corporate purposes.
Lansing, Mich.-based Neogen develops diagnostic tests to detect food-borne bacteria, toxins, genetic modifications and food allergens.
| Issuer: | Neogen Corp.
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| Issue: | Stock
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| Amount: | $13 million
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| Shares: | 650,000
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| Price: | $20.00
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| Warrants: | No
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| Placement agents: | Roth Capital Partners, LLC and Stonegate Securities, Inc.
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| Pricing date: | June 2
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| Stock symbol: | Nasdaq: NEOG
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| Stock price: | $20.37 at close June 2
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