2023-05-25 03:30:14 ET
- Biocept ( NASDAQ: BIOC ) has priced an underwritten public offering of 1.18M shares of its common stock and warrants to purchase up to an aggregate of 2.35M shares of its common stock at a combined offering price of $4.25/share and an accompanying warrant to purchase two shares of common stock.
- The warrants will have exercisable price of $4.25/share, exercisable immediately and will expire five years from the date of issuance and contain an alternative cashless exercise provision whereby, subject to certain conditions, a warrant may be exchanged cashlessly for shares of common stock at the rate of half a share of common stock per full share otherwise issuable upon a cash exercise.
- Gross proceeds to Biocept from this offering are expected to be ~$5.0 million.
- Offering is expected to close on May 26, 2023.
- Net proceeds from the offering will be used for the advancement of its FORESEE trial for CNSide, working capital and general corporate purposes.
- Underwriters are granted a 45-day option to purchase up to an additional 176,470 shares of common stock and accompanying warrants to purchase up to 352,940 shares of common stock, at the public offering price less discounts and commissions.
- Shares of BIOC are up 5.65% after-hours on Wednesday.
For further details see:
Biocept stock surges on pricing $5.0M stock offering