Deal with $5.25 million greenshoe conducted by Chardan Capital Markets
By Devika Patel
Knoxville, Tenn., May 16 - Rockwell Medical, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $5.25 million greenshoe in full for total proceeds of $40.25 million. The deal was announced Tuesday and priced on Wednesday.
The company sold 13,196,721 common shares at $3.05 apiece. The price per share is a 15.04% discount to the May 14 closing share price of $3.59. Of the shares, 1,721,311 were part of the fully exercised greenshoe.
Chardan Capital Markets, LLC was the sole bookrunning manager.
Proceeds will be used for clinical trials and other general corporate purposes.
Based in Wixom, Mich., Rockwell is a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease.
| Issuer: | Rockwell Medical, Inc.
|
| Issue: | Common shares
|
| Amount: | $40.25 million (including $5.25 million greenshoe)
|
| Shares: | 13,196,721
|
| Price: | $3.05
|
| Warrants: | No
|
| Bookrunner: | Chardan Capital Markets, LLC
|
| Lead manager: | Summer Street Research Partners
|
| Co-manager: | C&Co/Prince Ridge LLC
|
| Announcement date: | May 14
|
| Pricing date: | May 15
|
| Settlement date: | May 16
|
| Stock symbol: | Nasdaq: RMTI
|
| Stock price: | $3.59 at close May 14
|
| Market capitalization: | $88.18 million
|
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