Bookrunners Joseph Gunnar and Feltl help fund research and development
By Devika Patel
Knoxville, Tenn., Nov. 6 – Cancer Genetics, Inc. said it priced a $12 million public sale of stock with a $1.8 million greenshoe. The deal was announced Oct. 20.
The company will sell 3 million common shares at $4.00 per share.
Investors will also receive warrants for 3 million shares. The warrants are each exercisable at $5.00 for five years. The strike price is an 8.46% premium to the Nov. 5 closing share price of $4.61. The price per share is a 13.23% discount to that price.
Joseph Gunnar & Co. and Feltl and Co. are the bookrunners.
Settlement is expected Nov. 12.
Proceeds will be used for sales and marketing, research and development, expansion of the business, strategic transactions and general corporate purposes.
Cancer Genetics is a Rutherford, N.J.-based diagnostics company focused on developing genomic-based oncology tests and services.
| Issuer: | Cancer Genetics, Inc.
|
| Issue: | Common stock
|
| Amount: | $12 million
|
| Greenshoe: | $1.8 million, or 450,000 shares
|
| Shares: | 3 million
|
| Price: | $4.00
|
| Warrants: | For 3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Bookrunners: | Joseph Gunnar & Co. and Feltl and Co.
|
| Co-manager: | Axiom Capital Management, Inc.
|
| Announcement date: | Oct. 20
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Stock symbol: | Nasdaq: CGIX
|
| Stock price: | $4.61 at close Nov. 5
|
| Market capitalization: | $41.17 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
