In secondary offering, company aims to sell 4.78 million more shares
By Susanna Moon
Chicago, Jan. 27 – XG Sciences, Inc. registered a $16 million initial public offering of stock in an S-1 filing with the Securities and Exchange Commission. The company plans to sell another $38,275,536 of shares in a secondary offering.
The company registered to sell 2 million shares at $8.00 each.
Proceeds will be used to fund general corporate expenses of $5.2 million over the next two years.
In the secondary offering, the company will sell another 4,784,442 shares at the same price.
The company said it plans to apply to list the stock for trading on the Nasdaq.
XG Sciences is a graphene manufacturer based in Lansing, Mich.
| Issuer: | XG Sciences, Inc.
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| Issue: | Common stock
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| Amount: | $16 million
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| Shares: | 2 million
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| Price: | $8.00
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| Warrants: | No
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| Announcement date: | Jan. 27
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