NEW YORK (GenomeWeb News) – Complete Genomics today announced it is offering 5.5 million shares of its common stock at $12.50 per share.
Net proceeds from the offering are anticipated to be about $64.1 million.
Jefferies and UBS Investment Bank are joint book-running managers on the offering, while Baird and Cowen, are co-managers. Complete Genomics, which filed a prospectus for the offering earlier this month, has granted the underwriters a 30-day option to purchase up to 825,000 additional shares at the public offering price to cover any over-allotments.
If the underwriters exercise their over-allotment option in full, net proceeds will be about $73.8 million.
In a document filed with the US Securities and Exchange Commission, the company said that about $20 million of the net proceeds will be used to expand its sequencing and computing capacity in its facilities in Mountain View, Calif., and Santa Clara, Calif.
About $15 million will go toward further development of its sequencing technology and services, and $15 million will be used for sales and marketing activities. The remainder of the net proceeds will go toward working capital and general corporate purposes.
In early morning trading, Complete Genomics' shares rose about 7 percent to $14.20 on the Nasdaq.
The offering follows Complete Genomics' initial public offering in November.