The company has agreed to sell approximately 990,000 shares at a price of $2.25 per share, yielding about $2.2 million in gross proceeds.
The firm plans to offer more than 13 million shares of its common stock at $.225 per share. The offering will close on or about Jan. 14.
The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.
The life science research tools firm is offering 8,150,000 shares of its common stock at a price of $6.75 per share for gross proceeds of about $55 million.
Each share comes with an accompanying warrant to purchase one share of common stock. Biocept expects to use proceeds to fund ongoing operations.
In an SEC filing, the company proposed to sell shares of its stock, each coupled with a warrant to purchase up to one additional share.
The firm intends to use the proceeds for working capital, general corporate purposes and the potential repayment of indebtedness.
The firm announced in October that had entered into an agreement with Jefferies to sell up to $50 million in shares from time to time.
The firm will use the funds to commercialize its newly cleared molecular diagnostics platform and gastrointestinal pathogen panel test.
The company said it intends to use the proceeds for working capital and corporate purposes, including capital expenditures, R&D, clinical trials, and more.
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