Funds to be used to increase direct sales force, launch new products
By Devika Patel
Knoxville, Tenn., Jan. 21 – Oculus Innovative Sciences, Inc. said it priced a $6.25 million public sale of stock with a $937,500 greenshoe. The deal was announced Nov. 21 and was revealed on Jan. 15 to be an offering of 5.75 million units, each comprised of one common share and 0.75 five-year warrants.
The company will sell 6.25 million common shares at $1.00 per share.
Investors will also receive warrants for 4,687,500 shares. The warrants are each exercisable at $1.30 for five years. The strike price is a 14.04% premium to the Jan. 20 closing share price of $1.14. The price per share is a 12.28% discount to that price.
Maxim Group, LLC is the bookrunner.
Settlement is expected Jan. 26.
Proceeds will be used to increase the company’s direct sales force, to develop and launch new products and for general working capital.
Oculus is a specialty pharmaceutical company based in Petaluma, Calif., that develops and markets solutions for the treatment of dermatological conditions and tissue care. The company said the warrants will be listed on the Nasdaq Capital Market under the symbol “OCLSW.”
| Issuer: | Oculus Innovative Sciences, Inc.
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| Issue: | Common stock
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| Amount: | $6.25 million
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| Greenshoe: | $937,500
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| Shares: | 6.25 million
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| Price: | $1.00
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| Warrants: | For 4,687,500 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.30
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| Bookrunner: | Maxim Group, LLC
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| Co-manager: | Dawson James Securities, Inc.
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| Announcement date: | Nov. 21
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 26
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| Stock symbol: | Nasdaq: OCLS
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| Stock price: | $1.14 at close Jan. 20
|
| Market capitalization: | $7.34 million
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