New York, Nov. 3 - Hythiam, Inc. priced a $38 million follow-on offering of 8 million shares at $4.75, discounted from Wednesday's closing stock price of $5.17.
The sale has a greenshoe for 1.2 million shares.
UBS Investment Bank was bookrunner with First Albany Capital Inc. as co-manager.
The off-the-shelf deal had previously been increased from a planned size of 7.5 million shares but the expected net proceeds were lower as the company's stock price sank.
Hythiam now puts net proceeds at $35 million, lower than the $43.6 million estimated when the number of shares was raised and well below the $53.6 million forecast when the deal was announced. At that time, its stock was trading at $6.72.
The Los Angeles-based company focused on physiological treatments for alcoholism and other substance dependency plans to use proceeds to fund clinical research studies, marketing initiatives and other general corporate purposes.
| Issuer: | Hythiam, Inc.
|
| Issue: | Follow-on offering of common stock
|
| Amount: | $38 million
|
| Shares: | 8 million
|
| Greenshoe: | 1.2 million
|
| Price: | $4.75
|
| Pricing date: | Nov. 2, after close
|
| Bookrunner: | UBS Investment Bank
|
| Ticker: | "HYTM"
|
|
|
© 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.
