NEW YORK (GenomeWeb) – Just days after cutting the proposed price range for its stock in a planned initial public offering, Microlin Bio has once again slashed the proposed offering price for its shares by $2 to between $4.50 and $5.50.
As reported by Gene Silencing News, the company first filed to go public on the Nasdaq in February, disclosing that it hoped to get between $6 to $8 a share for 3.6 million shares total. A few months later, it raised that range to $10 to $12, with the goal of floating 2.7 million shares.
Then, last week, it said in a filing with the US Securities and Exchange Commission that it would look to sell 4.3 million shares for between $6.50 and $7.50 apiece. Assuming a $7 per share IPO price and the 8.4 million shares outstanding following the transaction, this would have given Microlin a market capitalization of about $59 million.
The company is now hoping to sell 6.9 million shares. Assuming it closes its IPO at the mid-range price of $5 per share, which would result in roughly 10.2 million shares outstanding, the firm's market cap would be $51 million.