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Transgenomic Offers $3.5M in Common Stock

NEW YORK (GenomeWeb) – In a filing with the US Securities and Exchange Commission, Transgenomic said it plans to offer up to $3.5 million in common stock for sale on the Nasdaq and other trading markets.

Banking firm Craig-Hallum Capital Group will serve as sales manager, and will receive a commission of 3.25 percent based on the gross sales price, Transgenomic added. The shares will be offered at the prevailing market price.

As of June 6, the company reported its aggregate market value of outstanding common stock held by non-affiliates was $11.2 million based on 22,846,408 shares of outstanding common stock, of which 15,288,240 shares are held by non-affiliates, and a per-share price of $0.73, based on the closing bid price of the common stock as quoted on the Nasdaq on April 20.

Transgenomic's shares were down nearly 7 percent at $.64 in afternoon trading on the Nasdaq.