NEW YORK(GenomeWeb) – Affymetrix said on Tuesday that it has signed an agreement with Cantor Fitzgerald for the potential sale of Affymetrix's stock.
Under the terms of the deal, disclosed in a document filed with the US Securities and Exchange Commission, Affy may offer and sell its shares from time to time through the investment bank acting as Affy's agent. Any sale will be made under Affy's shelf registration filed in June 2012 to offer up to $50 million of its shares.
The company's shares will be sold at market price or at a price agreed upon by Affy and Cantor Fitzgerald. Affy may also sell shares to Cantor Fitzgerald for its own account under terms agreed upon by the two companies.
Affy recently noted in its third quarter report that it had $68.3 million in cash and cash equivalents as of Sept. 30.
In morning trading on Wednesday Affy's stock was down almost 4 percent on the Nasdaq at $9.22.