NEW YORK (GenomeWeb News) — Sequenom will sell $20 million worth of its common stock to new and existing institutional investors, the company said today.
The company said it plans to sell 6.7 million shares for $3 apiece, a 1-cent premium over yesterday’s closing price of $2.99. Sequenom said it plans to close the sale by Friday.
After deductions for expenses, Sequenom said it expects the sale to net around $18.4 million.
News of the placement caused shares in the stock to trade up 14.25 percent, or $.43, at $3.42 in mid-afternoon trading today.
Lehman Brothers and Rodman & Renshaw will act as placement agents for the transaction.