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WaferGen Files for Sale of 112M Shares by Stockholders

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems has filed for the potential sale of more than 112 million shares of its common stock by its stockholders.

In a Form S-1 filed with the US Securities and Exchange Commission on Tuesday, WaferGen said it will not receive proceeds from the offering, but will receive $34.8 million if warrants included in the offering are exercised in full. Those funds would be used for working capital and general corporate purposes.

The Fremont, Calif.-based firm said that the shares included in the offering consist of 29.4 million shares of common stock issuable upon the conversion of 2.9 million shares of Series A-1 convertible Preferred Stock; 26.8 million shares of common stock issuable upon the full conversion of Convertible Promissory Notes with an aggregate face value of $15.3 million; and 56.2 million shares of common stock issuable upon the exercise of warrants issued to the selling stockholders in connection with a private placement completed in May.

The offering has no underwriters, and selling stockholders will sell their shares at prevailing market prices or privately negotiated prices, WaferGen said.

In afternoon trade on the OTC Bulletin Board, shares of WaferGen stock were up 5 percent at $.59.

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