Offering was conducted through joint bookrunners RBC Capital and JMP
By Devika Patel
Knoxville, Tenn., Oct. 2 - Neptune Technologies & Bioressources Inc. said the underwriters for its public sale of stock elected to exercise the $1.21 million greenshoe in full for total proceeds of $34.06 million. The deal priced Sept. 25.
The company sold 8,307,762 common shares at $4.10 apiece. The price per share is an 8.28% discount to the Sept. 24 closing share price of $4.47. Of the shares, 989,762 were part of the fully exercised greenshoe.
RBC Capital Markets and JMP Securities LLC were the joint bookrunning managers. Byron Capital Markets and John Thomas Financial were the co-managers.
Proceeds will be used for sales, marketing and krill inventory purchases, development and validation of product candidates, expansion of the Sherbrooke plant, product development, clinical trials and regulatory affairs, general corporate and other working capital purposes.
Based in Laval, Quebec, Neptune Technologies develops nutritional products from marine biomasses.
| Issuer: | Neptune Technologies & Bioressources Inc
|
| Issue: | Common shares
|
| Amount: | $34,061,824 (including $1,207,470 greenshoe)
|
| Shares: | 8,307,762
|
| Price: | $4.10
|
| Warrants: | No
|
| Bookrunners: | RBC Capital Markets and JMP Securities LLC
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Stock symbol: | Nasdaq: NEPT
|
| Stock price: | $4.37 at close Sept. 24
|
| Market capitalization: | $198.3 million
|
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