Nanosphere Inc. announced the pricing of its previously announced underwritten public offering of 4,700,000 shares of its common stock at a public offering price of $7.00 per share. In connection with the offering, the company has also granted the underwriter a 30-day option to purchase up to an additional 705,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. acted as the sole manager for the offering.
Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $30.6 million. If the underwriter exercises its over-allotment option in full, net proceeds from the offering will be approximately $35.3 million. The offering is subject to customary closing conditions and is expected to close on Wednesday, October 21, 2009. The company plans to use the net proceeds from the offering for general corporate purposes and working capital.
Tags: Finance
