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Luminex Shares Fall on Filing of Public Offering of 3.5M Shares

This article has been updated to include market reaction to the filing.

NEW YORK (GenomeWeb News) – Shares of Luminex fell nearly 10 percent today after the firm announced yesterday that it had filed a preliminary prospectus with the US Securities and Exchange Commission to offer 3.5 million shares of common stock.

Luminex's shares dropped 9.5 percent to $20.29 in late Tuesday trade on the Nasdaq.

The proceeds from the offering will be determined by the market price for Luminex’s shares when the offering becomes effective. The firm said in the filing that it expects to realize net proceeds of between $72.3 million and $83.3 million. 

Luminex has granted the underwriters of the offering the right to purchase an additional 525,000 shares to cover any over-allotments. JPMorgan and UBS are joint book-running managers for the offering.

Austin, Texas-based Luminex said that net proceeds from the offering will be used for general corporate purposes, including research and development, potential acquisitions of, or investments in, companies and technologies, capital expenditures, and additions to working capital.

As of the end of its first quarter on March 31, Luminex had around $26.4 million in cash and cash equivalents, and as of June 13, it had roughly 37.2 million shares outstanding.

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