Somanetics greenshoe fully exercised to raise stock offer to $55.2 million

By Jennifer Chiou

New York, March 6 - Somanetics Corp. announced its 300,000-share greenshoe was exercised in full, augmenting its stock offering to $55.2 million.

The Troy, Mich., company sold 2.3 million shares at $24.00 per share for net proceeds of $51.488 million.

Citigroup Global Markets Inc. was the bookrunning manager.

Somanetics said it now has 13,015,885 shares outstanding.

Proceeds will go towards the expansion of the company's direct sales team, additional clinical trials, research and development efforts, and working capital and general corporate purposes.

On Feb. 28, the company priced a follow-on offering of 2 million shares at $24.00 apiece, a discount to the company's Feb. 28 close at $25.32. The company's stock dropped $0.50, or 1.88%, to close at $26.10 on Monday.

Somanetics develops, manufactures and markets the Invos System for measuring changes in the blood oxygen levels in the brain.

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