NEW YORK (GenomeWeb News) – CombiMatrix today priced its public offering of 12,000 units of preferred of Series D convertible preferred stock and warrants at a price of $1,000 per unit.
Gross proceeds from the offering are $12 million, with net proceeds anticipated to be $10.8 million. The array-based molecular diagnostics developer said that it expects to close the offering on or around Dec. 20.
Each unit being sold by CombiMatrix consists of one share of Series D convertible preferred stock, which is convertible into 485.4369 shares of common stock at a conversion price of $2.06 per share, and one warrant to purchase 485.4369 shares of common stock at an exercise price of $3.12 per share.
In Tuesday morning trade on the Nasdaq, shares of CombiMatrix were down around 18 percent at $2.35.