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IsoRay Inc Announces Re-Pricing of Underwritten Offering

Thursday, 29 Aug 2013 05:57pm EDT 

IsoRay Inc announced that re-pricing of an underwritten offering of units of its common shares, convertible preferred shares and short-term greenshoe warrants. Gross proceeds in connection with the revised offering amount to approximately $3.7 million. The offering is being anchored by a healthcare focused institutional investor. The offering is expected to close on or before August 30, 2013. In connection with the offering, the Company will be issuing approximately 3.8 million shares of common stock at a price of $0.535 per share and shares of preferred stock convertible into approximately 3.1 million shares common stock with a conversion price of $0.535. The Company will also be issuing "greenshoe" warrants to purchase approximately 5.6 million shares of common stock. The greenshoe warrants shall have a term of two years, have an exercise price equal to $0.72, and will be exercisable six months after closing of the offering. Additional funding of approximately $4.1 million will occur if all warrants are exercised at $0.72 per share. Maxim Group LLC is acting as Sole Book Runner in connection with the offering. 

Company Quote

-0.01 -0.40%
3:59pm EDT