NEW YORK (GenomeWeb News) – Osmetech announced over the weekend that the High Court of Justice in England and Wales has sanctioned the company's plan to float in the US and the Capital Reduction by which GenMark's purchase of Osmetech is being implemented.
Osmetech announced in March its plans to float in the US, cease trading on the AIM in London, change its name to GenMark Diagnostics, and move its headquarters to Pasadena, Calif.
The plan becomes effective when the Court Order is delivered to the Registrar of Companies, expected to occur on June 3. Osmetech shares were suspended from trade on the AIM and are expected to be cancelled the morning of June 4.
GenMark and Osmetech also announced they have entered into an underwriting agreement with Piper Jaffray for itself and on behalf of Think Equity and William Blair to underwrite the purchase of the 4.6 million shares of GenMark at $6 per share, raising an aggregate total of $27.6 million in the US IPO.
GenMark has granted to the underwriters an option to purchase up to an additional 690,000 shares at $6 per share to cover overallotments. The option may be exercised until June 27.
GenMark shares began trading on the Nasdaq on May 28. In early Tuesday trade, the firm's shares were down 6 percent at $5.09.