NEW YORK (GenomeWeb) – Wafergen Biosystems priced its public offering of Class A units, saying it anticipates net proceeds of up to $20.8 million.
In an amended Form S-1 filed with the US Securities and Exchange Commission on Wednesday, the firm said that plans to offer 2,000 Class A units, with each unit comprising 3,077 shares of Wafergen's common stock and 1,538 warrants to purchase shares of its common stock, together with the shares of common stock underlying such warrants. Each unit is priced at $10,000.
For those investors — together with its affiliates and certain related parties — whose purchase of additional Class A units would result in ownership of more than 9.98 percent of outstanding common stock, WaferGen is offering Class B units consisting of one share of Series 2 convertible preferred stock, which would be convertible into 3,077 shares of common stock and 1,538 warrants to purchase shares of common stock, together with the shares of common stock underlying such shares of Series 2 convertible preferred stock and warrants. Each Class B unit is priced at $10,000.
Ladenburgh Thalmann, Chardan Capital Markets, and Dougherty & Co., are listed as the offering's underwriters. Net proceeds from the offering are estimated at about $18.1 million. However, if the underwriters exercise their option to purchase additional shares in full, the net proceeds are anticipated to increase to $20.8 million, WaferGen said in its SEC document.
WaferGen also said that it plans to use the proceeds for R&D and commercialization efforts around its single-cell products, for sales and marketing, and for general corporate and working capital purposes.
The company disclosed its plans for the offering last month.