Aegis Capital will help raise proceeds for general corporate purposes
By Devika Patel
Knoxville, Tenn., June 19 - Echo Therapeutics, Inc. said that the underwriters for its public offering of stock opted to exercise the deal's $1.63 million greenshoe in full for total proceeds of $12.5 million. Aegis Capital Corp. was the bookrunner for the deal, which was announced June 7 and priced for $10.87 million with the greenshoe on June 13.
The company sold 4,628,750 common shares $2.70 per share. The price per share reflects an 18.43% discount to the June 12 closing share price of $3.31. Of the shares, 603,750 were part of the fully exercised greenshoe.
Proceeds will be used for general corporate purposes, including manufacturing and key equipment purchases, clinical trial expenses, sales and marketing channel preparations, European operations planning and implementation, other research and development expenses and general and administrative expenses.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled specialty therapeutics and diagnostics company.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $12,497,625 (including $1,630,125 greenshoe exercise)
|
| Shares: | 4,628,750
|
| Price: | $2.70
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Announcement date: | June 7
|
| Pricing date: | June 13
|
| Settlement date: | June 19
|
| Stock symbol: | Nasdaq: ECTE
|
| Stock price: | $3.31 at close June 12
|
| Market capitalization: | $15.68 million
|
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