Rodman & Renshaw sells units of one common share and one full warrant
By Devika Patel
Knoxville, Tenn., Dec. 17 – Nanosphere, Inc. said it will raise about $10 million in a registered public offering of units.
The company will sell units of one common share and one warrant at $0.47 per unit, with each warrant exercisable at $0.70 for five years. The strike price is a 7.76% premium to the Dec. 16 closing share price of $1.16.
Rodman & Renshaw is the bookrunner.
Settlement is expected Dec. 22.
Proceeds will be used for working capital and general corporate purposes.
The Northbrook, Ill.-based company develops and commercializes advanced molecular diagnostics systems.
| Issuer: | Nanosphere, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10 million (approximate)
|
| Price: | $0.47
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Bookrunner: | Rodman & Renshaw
|
| Co-manager: | Joseph Gunnar & Co.
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Stock symbol: | Nasdaq: NSPH
|
| Stock price: | $0.54 at close Dec. 16
|
| Market capitalization: | $3.99 million
|
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