Deal funds product development activities; Maxim Group is bookrunner
By Devika Patel
Knoxville, Tenn., Feb. 8 - Medgenics Inc. priced a $29.4 million public offering of units with a $4.41 million greenshoe in a prospectus supplement filed Friday with the Securities and Exchange Commission. The offering was announced Thursday.
The company will sell 5.6 million units of one common share and a half-share warrant at $5.25 per unit, with each whole warrant exercisable at $6.78.
The strike price is a 56.14% premium to the Feb. 7 closing share price of $2.85.
Maxim Group LLC is the bookrunner.
Settlement is expected Feb. 13.
Proceeds will be used for product development activities, including clinical trials, development, patent maintenance fees and intellectual property support and for working capital and other general corporate purposes, which may include the acquisition or licensing of complementary technologies, products or business.
The medical technology and therapeutics company is based in San Francisco.
| Issuer: | Medgenics Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $29.4 million
|
| Greenshoe: | $4.41 million
|
| Units: | 5.6 million
|
| Price: | $5.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $6.78
|
| Bookrunner: | Maxim Group LLC
|
| Co-managers: | National Securities Corporation and MLV & Co.
|
| Announcement date: | Feb. 7
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 13
|
| Stock symbol: | NYSE: MDGN
|
| Stock price: | $2.85 at close Feb. 7
|
| Market capitalization: | $57.51 million
|
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