Bookrunner Maxim helps fund sales, marketing, research and development
By Devika Patel
Knoxville, Tenn., May 13 – OpGen, Inc. said the underwriters for its initial public offering of units opted to exercise the deal’s $2.57 million greenshoe in part, lifting total proceeds of the offering to $19.64 million on May 8. The deal was announced on March 3 and priced for $17.1 million with the greenshoe on May 5.
The company sold 3,277,500 units of one common share and one warrant at $6.00 per unit. Of the units, 422,500 were part of the partially exercised greenshoe.
The warrants are each exercisable at $6.60 until May 8, 2020.
Maxim Group LLC was the bookrunner.
Existing stockholders jVen Capital, LLC, Versant Ventures, Harris & Harris Group, Inc., CHL Medical Partners and Cross Creek Capital, LP indicated an interest in participating when the deal was announced.
Proceeds will be used for sales and marketing, research and development and working capital purposes.
The Gaithersburg, Md., company uses molecular testing and bioinformatics to help combat multi-drug-resistant bacterial infections. It expects its shares to trade on the Nasdaq exchange under the symbol “OPGN.”
| Issuer: | OpGen, Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | $19,635,000, including $2,535,000 greenshoe
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| Units: | 3,272,500
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| Price: | $6.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | May 8, 2020
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| Warrant strike price: | $6.60
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| Bookrunner: | Maxim Group LLC
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| Co-manager: | National Holdings, Inc.
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| Investors: | jVen Capital, LLC, Versant Ventures, Harris & Harris Group, Inc., CHL Medical Partners and Cross Creek Capital, LP
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| Announcement date: | March 3
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| Pricing date: | May 5
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| Settlement date: | May 8
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| Stock symbol: | Nasdaq: OPGN
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