Bookrunner Craig-Hallum to raise funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 31 – Bovie Medical Corp. said the underwriters for its public sale of stock opted to exercise the deal’s $1.8 million greenshoe in part for total proceeds of $13.05 million. The offering was announced on March 11 and priced for $12 million with the greenshoe on March 12.
The company sold 5,218,749 common shares at $2.50 per share. The price per share reflects a 19.87% discount to the March 11 closing share price of $3.12. Of the shares, 418,749 were part of the partially exercised greenshoe.
Craig-Hallum Capital Group LLC was the bookrunning manager.
Proceeds will be used for general corporate purposes, including working capital, research and development and potential acquisitions.
Bovie, located in Purchase, N.Y., manufactures and markets electrosurgical products and technologies.
| Issuer: | Bovie Medical Corp.
|
| Issue: | Common stock
|
| Amount: | $13,046,873 (including $1,046,873 greenshoe)
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| Shares: | 5,218,749
|
| Price: | $2.50
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group LLC
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| Announcement date: | March 11
|
| Pricing date: | March 12
|
| Settlement date: | March 31
|
| Stock symbol: | NYSE: BVX
|
| Stock price: | $3.12 at close March 11
|
| Market capitalization: | $43.2 million
|
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