NEW YORK (GenomeWeb) – Pacific Biosciences plans to sell more than 14.1 million shares of its common stock at $4.25 per share, the company said today.
The Menlo Park, California-based single-molecule sequencing firm expects gross proceeds of around $60 million from the offering. As reported earlier this week, the firm plans to use the proceeds for capital expenditures, working capital, and other general purposes, and may also use some of the proceeds to acquire or invest in complementary businesses or technologies.
Underwriters will have a 30-day option to purchase up to an additional 2.1 million shares of stock.
The offering is pursuant to a $150 million shelf offering declared effective in August 2017.
In Wednesday morning trading on the Nasdaq, the firm's stock was up 3 percent at $4.72