NEW YORK (GenomeWeb) – OpGen today went public with an offering of 2.85 million units at $6 per unit for $17.1 million in gross proceeds.
Each unit consists of one share of common stock and a warrant to purchase one share of common stock. The stocks and warrants have been approved to list on the Nasdaq Capital Market and will immediately and automatically separate upon issuance, OpGen said. Each of the common stock shares and warrants began trading today under the ticker symbols "OPGN" and "OPGNW."
Each warrant will be immediately exercisable upon issuance for one share of common stock at an exercise price of $6.60 per share and will expire on May 8, 2020, OpGen said.
The Maxim Group is the sole book-running manager and National Securities, a wholly owned subsidiary of National Holdings, is the co-manager on the offering. OpGen has granted the underwriters the rights to purchase up to an additional 427,500 shares of its common stock at $5.99 per share less the applicable underwriting discount, and/or 427,500 additional warrants at a price of $.01 per warrant. The underwriters have 45 days from the date of the prospectus to exercise its option to cover any overallotment.
In afternoon trading, shares of OpGen were down more than 18 percent at $4.88. OgGen's warrants were down 25 percent at $.75.
OpGen, a microbial genetics analysis firm based in Gaithersburg, Maryland, filed a prospectus to go public in March, saying it planned to raise up to $37 million. Last month the company lowered the price range on its units to between $5.50 and $6.50 and estimated net proceeds of up to $14.7 million from the IPO.