By Sheri Kasprzak
Atlanta, June 8 - NeoGenomics, Inc. said it has secured a standby equity distribution agreement for $5 million from Cornell Capital Partners, LP.
Under the terms of the equity line, Cornell may buy shares of NeoGenomics at 98% of the lowest volume weighted average price of the company's stock for five trading days following notice of a draw.
Cornell will retain 5% of each draw.
There is a $750,000 ceiling on each weekly advance.
Based in Fort Myers, Fla., NeoGenomics provides genetic and molecular diagnostic testing services to oncology and perinatology clients. The proceeds will be used for potential acquisitions.
| Issuer: | NeoGenomics, Inc.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $5 million
|
| Price: | 98% of lowest volume weighted average price five trading days after notice
|
| Warrants: | No
|
| Investor: | Cornell Capital Partners LP
|
| Settlement date: | June 8
|
| Stock price: | $0.48 at close June 7
|
|
|
© 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.
