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StemCells Inc Announces Pricing Of Public Offering To Raise $16.2 Million


Wednesday, 2 Oct 2013 08:14am EDT 

StemCells Inc announced the pricing of an underwritten public offering of an aggregate of 11,170,000 units at a public offering price of $1.45 per unit. Each unit consists of one share of common stock, par value $.01 per share, and a warrant to purchase one half share of common stock. The warrants have an exercise price of $1.80 per share, are exercisable immediately, and will expire five years from the date of issuance. The Company expects to receive gross proceeds of approximately $16.2 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company has also granted the underwriters a 30 day option to purchase up to an additional 1,675,500 units to cover over allotments, if any. The offering is expected to close on or about October 7, 2013. Chardan Capital Markets is acting as sole bookrunner for the offering and Maxim Group LLC is acting as co-manager on the deal. StemCells intends to use the net proceeds of the offering for general corporate purposes, including working capital and operational purposes, including product development. 

Company Quote

1.29
-0.02 -1.53%
2:49pm EDT