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Biocept Files $100M Shelf Registration

NEW YORK – Biocept on Friday filed a shelf registration to publicly offer up to $100 million in a mix of securities.

The San Diego-based firm said in a document filed with the US Securities and Exchange Commission that it plans to offer from time to time securities that include shares of its common stock and preferred stock, various series of debt securities, and warrants to purchase any of such securities.

Biocept said that it plans to use the funds for general corporate purposes including research and development expenses, general and administrative expenses, sales and marketing expenses, capital expenditures and working capital.

Biocept has executed several other stock sales over the last few months, including two direct offerings at the beginning of March, and a $10 million public offering last December.

The firm also faces possible delisting action from the Nasdaq after it was warned by the exchange in September 2019 that it had failed to comply with a rule calling for a minimum bid price of $1 per share. Biocept said in its Form 10K last month that it had applied for, and been granted, an additional 180 days to regain compliance. It will seek approval for a reverse stock split during the company's 2020 annual shareholder meeting, scheduled to take place on June 5.

In a notice to its shareholders filed this month the firm said that its board of directors unanimously recommended that stockholders vote to approve an amendment to the company's certificate of incorporation authorizing the board to effect a reverse stock split at a ratio between 1-to-5 and 1-to-30.