NEW YORK (GenomeWeb) – Molecular diagnostics developer CombiMatrix announced today that it has priced an underwritten public offering of 8,000 units of Series F convertible preferred stock and warrants at $1,000 per unit.
The firm hopes to raise gross proceeds of $8 million, part of which it will use to repurchase and retire its Series E convertible preferred stock. The offering is expected to close on or about March 24. Ladenburg Thalmann & Co. served as the sole bookrunning manager and Aegis Capital served as lead manager for the transaction.
Each unit of Series F stock being offered to the public is convertible into approximately 258.4 shares of common stock at a conversion price of $3.87 per share, and 258.4 warrants each to purchase one share of common stock at an exercise price of $5.17 per share. In total, the Series F convertible preferred stock is convertible into nearly 2.1 million shares of common stock, CombiMatrix said.
The company's shares fell 19 percent to $4.35 in Monday morning trading on the Nasdaq.