Company sells 16.6 million common shares at $0.50 apiece with warrants
By Devika Patel
Knoxville, Tenn., Jan. 25 - Transgenomic, Inc. negotiated an $8.3 million private placement of stock on Jan. 24, according to an 8-K filed Friday with the Securities and Exchange Commission. Lazard Capital Markets LLC will be the lead placement agent, and Craig-Hallum Capital Group LLC is co-placement agent.
The company will sell 16.6 million common shares at $0.50 apiece, a 26.47% discount to the Jan. 23 closing share price of $0.68.
Investors also will receive warrants for 8.3 million shares. The warrants are exercisable at $0.75, a 10.29% premium to the Jan. 23 closing price.
Settlement is expected Jan. 30.
Based in Omaha, Transgenomic's three business divisions support clinical trials for the development of oncology drugs, develop molecular diagnostics for oncology and various medical disorders and provide equipment and reagents for clinical research.
| Issuer: | Transgenomic, Inc.
|
| Issue: | Common shares
|
| Amount: | $8.3 million
|
| Shares: | 16.6 million
|
| Price: | $0.50
|
| Warrants: | For 8.3 million shares
|
| Warrant strike price: | $0.75
|
| Agents: | Lazard Capital Markets LLC (lead) and Craig-Hallum Capital Group LLC (co-placement agent)
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 30
|
| Stock symbol: | OTCBB: TBIO
|
| Stock price: | $0.68 at close Jan. 23
|
| Market capitalization: | $35.82 million
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