Thursday 14th of April 2022 02:18:37 AM
Oncocyte stock slumps on pricing $35M securities offering
- Oncocyte Corporation (NASDAQ:OCX) has slumped 14.2% after hours on pricing an underwritten public offering of 26,266,417 shares of its common stock, together with warrants to purchase up to an aggregate of 13,133,208.5 shares of its common stock.
- Each share of common stock is being sold together with one warrant to purchase 0.5 shares of common stock at a combined offering price of $1.3325 for total gross proceeds of ~$35M.
- The warrants have an exercise price of $1.53/share, are exercisable immediately, and will expire five years following the date of issuance.
- Offering is expected to close on or about April 19, 2022.
- Underwriters over-allotment is an additional 3,939,962 shares of common stock and/or 3,939,962 additional warrants to purchase 1,969,981 shares of common stock to be issued and sold in the public offering.
- Net proceeds will be used to promote commercialization of DetermaRx, to complete development of DetermaIO; complete the development and begin commercialization of TheraSure; for development of other future tests in our pipeline, including DetermaCNI, DetermaTx and DetermaMx.
- Earlier, OncoCyte announces offering of common stock, warrants, no amount given.