Rodman & Renshaw acts as agent; investors also receive warrants
By Angela McDaniels and Stephanie N. Rotondo
Tacoma, Wash., Feb. 17 - Rosetta Genomics, Ltd. sold $6 million of ordinary shares in a private placement and a concurrent registered direct offering through agent Rodman & Renshaw, LLC, according to a company news release.
The company sold 4,541,668 shares at $0.60 each in the private placement for a total of $2.73 million. Purchasers will also receive five-year warrants for 3,406,251 shares with an exercise price of $0.80.
In the registered direct offering, Rosetta sold 5,458,671 shares at $0.60 each for a total of $3.28 million. Purchasers will also receive five-year warrants for 2,729,335 shares with an exercise price of $0.80.
The price per share is a 17.81% discount to the company's $0.73 closing share price on Feb. 16. The warrant exercise price is a 9.59% premium to $0.73.
Ken Berlin, president and chief executive officer, told Prospect News that the deal was structured with both a direct offering and a private placement "because we needed to raise more than we could with the registered offering because of shelf rules."
Berlin also said the proceeds would be used for general corporate purposes.
"We are going to try to make it last as long as possible," he said.
Rosetta Genomics develops and provides microRNA-based molecular diagnostics. It is based in Rehovot, Israel.
| Issuer: | Rosetta Genomics, Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $6,000,203.40
|
| Shares: | 10,000,339
|
| Price: | $0.60
|
| Warrants: | For 6,135,586 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.80
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Feb. 17
|
| Settlement date: | Feb. 23
|
| Stock symbol: | Nasdaq: ROSG
|
| Stock price: | $0.73 at close Feb. 16
|
| Market capitalization: | $9.29 million
|
| Private placement
|
|
|
| Amount: | $2,725,000.80
|
| Shares: | 4,541,668
|
| Warrants: | For 3,406,251 shares
|
| Registered direct offering
|
|
|
| Amount: | $3,275,202.60
|
| Shares: | 5,458,671
|
| Warrants: | For 2,729,335 shares
|
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