NEW YORK (GenomeWeb News) – Trovagene today announced that underwriters of its public offering have exercised the over-allotment option to purchase 172,500 additional units to raise a total of nearly $10.6 million in gross proceeds.
The underwriters for the offering paid $8 per unit, which was the price in the public offering of 1.15 million units.
On June 14, the holders of the units may elect to separately trade the common stock and warrants comprising the units on the Nasdaq Capital Market under the symbols "TROV" and "TROVW" respectively. The warrants will be exercisable at a price of $5.32 per share upon separation of the units and expires on June 4, 2017.
Trovagen moved to the Nasdaq from OTCQB a few weeks ago.
Units that are not separated will continue being traded on the Nasdaq Capital Market under ticker symbol "TROVU".
Aegis acted as the sole book-running manager for the offering. Summer Street Research Partners and Brean Murray, Carret &Co. were co-managers for the offering.