NEW YORK – HTG Molecular Diagnostics said on Wednesday that it has priced a public offering that is expected to raise approximately $10 million in gross proceeds.
The company is offering 1,290,322 shares of its common stock, Series A-1 warrants to purchase up to 1,290,322 shares of its common stock, and Series A-2 warrants to purchase 1,290,322 shares of its common stock at a public offering price of $7.75 per share and accompanying warrants. The Series A-1 and A-2 warrants will each have an exercise price of $7.50 per share and will be exercisable immediately upon issuance. While the Series A-1 warrants will expire five years from the date of issuance, the Series A-2 warrants will expire 24 months from that date.
The offering is expected to close on or about Dec. 23, subject to customary closing conditions. H.C. Wainwright is acting as the exclusive placement agent for the offering.
Tucson, Arizona-based HTG Molecular plans to use the net proceeds from the offering for general corporate purposes including research and development, clinical trials, capital expenditures, and working capital.
Earlier this week, the company had announced a 1-for-12 reverse stock split of its outstanding common stock.