Bookrunner BofA Merrill Lynch and lead manager Stifel assist with deal
By Devika Patel
Knoxville, Tenn., Nov. 20 – Rockwell Medical, Inc. said it priced a $58.5 million public sale of stock with an $8.78 million greenshoe. The deal was announced Monday.
The company will sell 6.5 million common shares at $9.00 apiece. The price per share is an 8.26% discount to the Nov. 19 closing share price of $9.81.
BofA Merrill Lynch is the bookrunning manager. Stifel is lead manager.
Settlement is expected Nov. 25.
Proceeds will be used to repay debt and for other general corporate purposes.
Wixom, Mich.-based Rockwell Medical is a manufacturer and developer of renal drug therapies.
| Issuer: | Rockwell Medical, Inc.
|
| Issue: | Common shares
|
| Amount: | $58.5 million
|
| Greenshoe: | $8,775,000
|
| Shares: | 6.5 million
|
| Price: | $9.00
|
| Warrants: | No
|
| Bookrunner: | BofA Merrill Lynch
|
| Lead manager: | Stifel
|
| Co-managers: | Summer Street Research Partners, Craig-Hallum, Chardan Capital Markets, LLC and LifeSci Capital
|
| Announcement date: | Nov. 17
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: RMTI
|
| Stock price: | $9.81 at close Nov. 19
|
| Market capitalization: | $390.9 million
|
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