NEW YORK – OncoCyte announced after the close of the market Friday that it has entered into an equity distribution agreement with Piper Sandler to create an at-the-market equity program under which it may sell up to an aggregate of $25 million in shares of the company’s common stock.
Under the agreement, the Irvine, California-based molecular diagnostics firm will set the parameters for the sale of these shares, including the number to be issued and the time period during which sales are requested to be made. It will also be able to set limitations on the number of shares able to be sold in any single trading day and establish a minimum price below which sales may not be made.
According to the firm, sales of the shares, if any, under the newly announced agreement may be made in transactions that are deemed to be "at-the-market equity offerings," and are being issued pursuant to a previously filed registration statement that was declared effective on June 18, 2019. The Company will pay Piper Sandler, as the agent of the program, a commission equal to up to 3 percent of the gross proceeds of any shares sold.
In early Monday morning trade on the New York Stock Exchange, shares of OncoCyte were unchanged at $1.97.