NEW YORK – Fulgent Genetics priced after the close of the market on Wednesday a public offering of approximately 2.3 million shares of its common stock at $11.25 per share.
The genetic testing firm said it expects gross proceeds of approximately $26.2 million and will use the funds for working capital and general corporate purposes.
Piper Jaffray is acting as sole book-running manager and BTIG is acting as lead manager on the offering. The Temple City, California-based company said it is granting the underwriters a 30-day option to purchase up to 348,750 additional shares.
Fulgent said in a shelf registration filed with the US Securities and Exchange Commission in August that it planned to offer up to $75 million of its securities from time to time. Soon after, it entered into an agreement with Piper Jaffray to sell up to $30 million in stock.
In a recent conference call with investors following its third quarter financial results, Fulgent CEO Ming Hsieh said the company would be pursuing an aggressive commercialization strategy for its tests and would look to get into international markets.
In morning trading on the Nasdaq, shares of Fulgent were down 16 percent at $11.35.